Islamabad: Pakistan has completed its priority actions for climate and disaster risk finance and insurance (CDRFI) which are set to receive funding from the Global Shield initiative. This marks a crucial step in Pakistan’s efforts to strengthen its financial resilience against climate-related disasters.
According to United Nations Development Programme, the Ministry of Climate Change and Environmental Coordination (MoCCandEC), with support from the UNDP and the Global Shield Secretariat, recently concluded a validation session in Islamabad. This session was the culmination of a series of consultations nationwide that involved over 250 stakeholders from both the public and private sectors. These discussions aimed to evaluate existing strategies and identify gaps in Pakistan’s approach to managing climate and disaster risks.
Ms. Romina Khursheed Alam, Coordinator to the Prime Minister on Climate Change, emphasized the importance of leveraging available resources like the Global Shield to enhance Pakistan’s capacity to manage financial risks associated with climate change. The Global Shield, recognized for its pre-arranged, trigger-based financing solutions, was highlighted as a vital tool in this regard.
Ms. Van Nguyen, Deputy Resident Representative of the UNDP, commended the collaborative effort and stressed the importance of continued stakeholder engagement to develop scalable financial solutions to protect vulnerable populations from climate shocks. Meanwhile, Mr. Daniel Stadtmueller, Team Lead for Global Shield Implementation, reassured of ongoing support to tailor financial solutions that address Pakistan’s specific needs.
The event also saw affirmations of international support, with Dr. Sebastian Paust from the German Embassy expressing Germany’s commitment to assisting Pakistan under the Global Shield initiative.
This initiative is part of Pakistan’s broader strategy to promote sustainable development and bolster the financial resilience of its communities against the growing threats posed by climate change.