Pakistan and Bangladesh First to Receive G7 ‘Global Shield’ Climate Funding.

• 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 at the COP27 summit in Egypt.

What Is Global Shield Funding:

• The Global Shield(GS), 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. Germany has contributed $175.17 million in funding to Global Shield while other countries including Denmark and Ireland have contributed a little over $41 million. 

Objective Of the Fund:

• The GS will close urgent protection gaps in countries by designing, funding, and facilitating interventions.
• The GS aims to rapidly provide pre-arranged insurance and disaster protection funding after events such as floods, droughts and hurricanes hit.
• The Global Shield aims to complement, not replace, the progress on ‘loss and damage’.

Who Are the Beneficiaries:

• 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.