Bangladesh to get climate funding

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Jehangir Hussain

Bangladesh, Pakistan and Ghana will be among the first to get funding from a G7 initiative to support countries affected by climate change, according an announcement made at Cop27 summit in Egypt.

The “Global Shield” initiative, coordinated by G7 president Germany, aims to provide rapid access to insurance and disaster relief funding to climate vulnerable countries.

The first recipients of Global Shield packages, called “Pathfinder Countries”, include Bangladesh, Costa Rica, Fiji, Ghana, Pakistan, the Philippines and Senegal, says a statement issued by Germany.

The initiative is under development in collaboration with “V20” group of 58 climate vulnerable countries, reports, Reuter.

Backed by 17 million euro in funding from Germany and 40 million euro from other donors, including Denmark and Ireland, these packages would be developed in coming months, said Germany.

German development minister Svenja Schultz said the Global Shield aimed to complement, not replace, progress on loss  and damage.

“It is not a kind of tactic to avoid a formal negotiation on loss and damage funding arrangements here,” Schultz said.

“Global Shield” isn’t the one and only solution for loss and damage. Certainly not. We need a broad range of solutions.”

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