Islamabad: The Ministry of Climate Change and Environmental Coordination (MoCCandEC), in collaboration with the United Nations Development Programme (UNDP) and the Global Shield Secretariat, has completed the validation of Pakistan’s strategy for climate, disaster risk finance, and insurance (CDRFI). This marks a significant step in securing necessary international support to enhance the country’s resilience against climate-related disasters.
According to United Nations Pakistan, this effort is part of Pakistan’s response to increasing vulnerabilities due to climate change, which conventional funding alone cannot mitigate. The Global Shield initiative is set to provide Pakistan with pre-arranged, trigger-based financial support aimed at addressing these challenges.
The process, which began after Pakistan was designated a pathfinder country at COP27, involved extensive consultations across the nation, engaging over 250 stakeholders from both the public and private sectors. These discussions helped pinpoint current initiatives and critical gaps in the country’s disaster risk management strategies.
Coordinator to the Prime Minister on Climate Change, Ms. Romina Khursheed Alam, emphasized at the Islamabad validation session the importance of harnessing available resources to fortify Pakistan’s financial defenses against climate impacts. “We must avail all the opportunities available to Pakistan to tap into the resources that can strengthen our financial resilience against climate change,” Alam stated, highlighting the potential benefits of the Global Shield against Climate Risks.
Ms. Van Nguyen, Deputy Resident Representative of UNDP, expressed gratitude towards the MoCCandEC for its cooperation and underscored the importance of multi-stakeholder engagement in the success of the Global Shield initiative in Pakistan. “We have the collective expertise and commitment in this room to ensure that Pakistan develops robust, scalable risk finance solutions to protect the most vulnerable from future climate shocks,” Nguyen remarked.
The session not only validated the gap analysis findings but also set the stage for Pakistan to formally request support to scale and enhance pre-arranged finance mechanisms against climate-related disasters. Mr. Daniel Stadtmueller, Team Lead of Global Shield Implementation, confirmed Global Shield’s commitment to providing tailored financial solutions to bridge Pakistan’s existing gaps in disaster risk finance and insurance.
Additionally, Ms. Aisha Humera, Secretary of MoCCandEC, and Dr. Sebastian Paust, Head of Development Cooperation at the Embassy of Germany, both affirmed the critical role of the Global Shield initiative in bolstering Pakistan’s climate response capabilities, with Germany reiterating its support for Pakistan’s endeavors under this initiative.
The UNDP and Global Shield’s continued partnership will play a crucial role in enhancing Pakistan’s financial resilience, ensuring the nation is better prepared to face future climate challenges.