SHARM EL-SHEIKH, Egypt: Pakistan, Ghana and Bangladesh will be among the first recipients of funding from a G7 ‘Global Shield’ initiative to provide funding to countries suffering climate disasters, the programme announced on Monday at the COP27 summit in Egypt.
The 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 the ‘V20’ group of 58 climate-vulnerable economies.
A statement issued by Germany on Monday listed Bangladesh, Costa Rica, Fiji, Ghana, Pakistan, the Philippines and Senegal as some of the initial recipients of Global Shield packages.
Those packages would be developed in the coming months, Germany said.
Pakistan and other climate-vulnerable countries â€” at the COP27 â€”demanded the international community to take steps to mobilise “loss and damage” funds for disaster-hit nations, and some say rich nations have a duty to pay these costs because their historical emissions are mostly responsible for global warming today.
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