Pakistan will be among 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 program announced on Monday at the COP27 summit in Egypt.

The G7 president's country, Germany, is leading the Global Shield initiative, which aims to give climate-vulnerable nations quick access to insurance and funds for disaster relief in the event of floods or drought. Together with the "V20" group of 58 climate-vulnerable economies, it is being developed.

Bangladesh, Costa Rica, Fiji, Ghana, Pakistan, the Philippines, and Senegal were identified as some of the initial recipients of Global Shield supplies in a statement released by Germany on Monday.

Germany stated that these packages would be developed in the upcoming months.