Pakistan is among the first few countries tipped to receive G7 ‘Global Shield’ funding to tackle climate change, the program announced on Monday at the COP27 summit in Egypt.
Reuters reported that Pakistan, Ghana, and Bangladesh will be among the first beneficiaries to get funding from the initiative which aims to help countries affected by climate change.
The Global Shield initiative, coordinated by G7 President Germany, aims to provide climate-vulnerable countries with quick access to insurance and disaster relief funding in the aftermath of floods or droughts. It is being designed in partnership with the ‘V20’ group of 58 climate-vulnerable economies.
According to a statement issued by Germany, Bangladesh, Costa Rica, Fiji, Ghana, Pakistan, the Philippines, and Senegal were among the first recipients of Global Shield packages. These packages would be developed in the coming months, the statement added.
According to the World Bank, this year’s climate change-induced heatwave followed by devastating and unprecedented floods has caused more than 1,700 deaths and displaced more than 8 million people. The destructive effects on infrastructure, assets, crops, and livestock have also been massive, with over 33 million people affected across the country and more than $30 billion in damages and economic losses.
The combined risks of extreme climate-related events, environmental degradation, and air pollution are projected to reduce Pakistan’s GDP by at least 18 to 20 percent by 2050. This will stall progress on economic development and poverty reduction.