SHARM EL-SHEIKH: Pakistan, Ghana and Bangladesh will be among first recipients of funding from a G7 ‘Global Shield’ initiative to provide funding to countries suffering climate disasters, programme announced at COP27 summit in Egypt.

Global Shield, coordinated by G7 president Germany aims to provide rapid access for climate-vulnerable countries to insurance and disaster protection funding after floods or drought. It is being developed in collaboration with ‘V20’ group of 58 climate-vulnerable economies.

A statement issued by Germany listed Bangladesh, Costa Rica, Fiji, Ghana, Pakistan, the Philippines and Senegal as some of initial recipients of Global Shield packages. Those packages would be developed in coming months, Germany said.

Backed by 170 million euros ($175.17 million) in funding from Germany and 40 million euros from other donors including Denmark and Ireland, Global Shield will in next few months develop support to be deployed in countries when events occur.

German development minister Svenja Schulze said Global Shield aimed to complement not replace, progress on loss and damage. “There’s an inherent injustice about them profiting off of our loss and damage.”

Published in The Daily National Courier, November, 15 2022

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