According to a G7 initiative called “Global Shield” that would provide funds to nations affected by climate disasters, Pakistan, Ghana, and Bangladesh will be among the first recipients of funding. The program was unveiled on Monday during the COP27 summit in Egypt.
The G7 president?Germany, is leading the Global Shield initiative, which strives to provide climate-vulnerable nations quick access to insurance and funds for disaster relief in the event of floods or drought. The 58 economies that are considered to be climate-vulnerable as part of the “V20” group are helping to build it.
Bangladesh, Costa Rica, Fiji, Ghana, Pakistan, the Philippines, and Senegal were identified as some of the earliest beneficiaries of Global Shield supplies in a statement released by Germany on Monday.
Germany stated that these packages would be created in the upcoming months.
At the COP27, Pakistan and other climate-vulnerable nations insisted that the world community take action to mobilize “loss and damage” funds for disaster-hit nations. Some argue that wealthy nations have a responsibility to cover these costs because historical carbon output are largely to blame for current global warming.
As Pakistan sought “climate justice” at a global climate meeting last week, PM Shehbaz Sharif urged the international community to feel responsible for climate change in his speech to the COP27 UN climate summit.
The prime minister stated during the summit that “in Pakistan, more than 30 million people have been seriously affected; floods wreaked utter devastation due to extraordinary rains; 8 thousand km of roads and 3 thousand km of railway lines were disrupted.”
During Prime Minister’s two-day visit, he conducted?high-level interactions at the summit and on its sidelines, where he also held bilateral discussions with his counterparts.
In addition to seeking compensation for climate impact as it recovers from disastrous floods that cost the nation $30 billion, Prime Minister Shehbaz said his country would need debt relief.
He added that Pakistan’s recovery was being hampered by its growing national debt.
“Millions of people are entering winter without a place to sleep or a means of support,” Shehbaz?Sharif remarked. “Women and children continue to look on us to safeguard their basic necessities.”
According to the Post-Disaster Needs Assessment (PDNA) assessment of the planning ministry, which states that reconstruction needs are over $16 billion, final estimates place the cost of the damage caused by Pakistan’s recent devastating floods at more than $30 billion.