Pakistan among seven states to get climate disaster funding
Pakistan and six other nations facing climate risks — called ‘pathfinder countries’ — will be the first recipients of ‘Global Shield’ funding, it was announced at the COP27 summit in Egypt on Monday. Bangladesh, Costa Rica, Fiji, Ghana, the Philippines and Senegal were identified as the other recipients of the package by the Vulnerable 20 Group of Finance Ministers (V20) of 58 climate-vulnerable economies and the Group of Seven (G7). The ‘Global Shield’ initiative for pre-arranged financial support has been designed to be quickly deployed in times of climate disasters. According to the joint press release of V20, G7 and the German Ministry of Economic Cooperation and Development, the Global Shield will start its implementation immediately after COP27.