Pakistan and Bangladesh will be among first to receive G7 'Global Shield' climate funding
Pakistan, Ghana, Bangladesh, Costa Rica, Fiji, Philippines and Senegal will be among the first recipients of funding from a G7 'Global Shield' initiative to provide funding to countries suffering from climate disasters. It was announced by Germany on 14 November 2022 at the ongoing COP27 summit in Egypt.
Global Shield climate Finance
It was launched by the G 7 countries (United States of America, Canada, France, Italy, United Kingdom and Japan) at the COP27 summit in Egypt on 14 November 2022.
The Global Shield will be coordinated by Germany and is being developed in collaboration with the 'V20' group of 58 climate vulnerable economies.
Aim of the fund
- The fund will be used to help low-income and vulnerable countries to deal with climate induced calamities.
- It aims to strengthen social protection schemes and climate risk insurance so when an extreme weather event like flooding occurs, countries can access aid quickly and recover.
- Germany has announced that it will contribute USD 172 million to the fund. However the size of the fund has not been disclosed.
Demand for special Loss and Damage Fund
- Global warming induced climate change has badly affected the developing countries who don't have the resources to deal with such natural calamities like floods, drought etc.
- The developing countries have been demanding that the polluting countries (Developed countries) shall pay for the loss and damage suffered by the poor developing countries due to climate change.
- After years of resistance by the developed countries, they have agreed to discuss a special loss and damage fund in the COP 27 meeting being held in Sharm -el Sheik ,Egypt from 6-18 November 2022.
- The "Global Shield" initiative is being seen as one of step to address such funding.
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