14 November 2022 at 10:46 Pakistan will receive financial help from the new climate fund Pakistan and Bangladesh are among the countries that will first receive financial support from the newly started Global Shield initiative. This is according to the German authorities, reports Reuters. The Global Shield initiative will provide money to 58 of the world’s poor countries experiencing climate disasters. Germany has pledged 170 million euros – around NOK 1.75 billion – to the initiative. Canada, Ireland and Denmark have pledged a further NOK 40 million. President Joe Biden said in a speech on Friday that the United States will support the initiative. In August and September, Pakistan was hit by a flood that submerged a third of the country. The question of how poor countries can receive compensation for what is called “loss and damage” is one of the big topics at this year’s climate summit. The money from the Global Shield initiative will make up a small part of the need for “loss and damage” support. The estimates for “loss and damage” say that at least NOK 10,000 billion will be needed by 2050.
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Pakistan will receive financial aid from a new climate fund – Latest news – news
