UNDP with the Ministry of Climate Change & Environmental Coordination kicked off the In-Country Process for the Global Shield to Reduce Climate Risks with a Multi-Stakeholder Consultation
November 17, 2023
Islamabad, November 17 2023: The United Nations Development Programme and the Ministry of Climate Change & Environmental Coordination (MoCC&EC) kicked off the In-Country Process for the Global Shield, with a two-day multi-stakeholder consultation on climate-risk insurance and financing to reduce climate risks, and strengthen climate-adaptation mechanisms.
The Global Shield is an initiative launched at COP27 in response to the increasing threat of climate change by the Vulnerable Twenty (V20) Group and the G7; ensuring that the various programmes and stakeholders pursue a coordinated approach and mobilize additional funds to meet the growing need for financial resources.
Talking at the consultation, the Honorable Federal Minister, Mr. Ahmed Irfan Aslam, reiterated the commitment of the MoCC&EC in enhancing safeguards for the vulnerable communities who are adversely impacted by climate change. Ambassador of Germany, H.E. Mr. Alfred Grannas commended Pakistan as the first country in Asia to initiate the In-Country Process; modelling itself as an excellent example for other countries seeking to strengthen their pre-arranged financing strategies to foster the implementation of climate adaptation mechanisms and plans.
Referring to the devastation ensued by the catastrophic floods of 2022, UNDP Resident Representative, Mr. Samuel Rizk, unpacked how climate change further exacerbates inequalities; accelerates threats and risks to communities, and societies at large. Mr. Rizk emphasized UNDP’s coordinator role in supporting the In-Country Process through intensive coordination and informed dialogues, by tapping into global and local expertise, and creating national and local partnerships which offer the opportunity to envision a resilient Pakistan.
The Global Shield is an opportunity for UNDP and partners to scale the integration of risk transfer solutions into the heart of development. UNDP’s Insurance and Risk Finance Facility is already working with UNDP Country Offices, governments and the insurance industry to build the dynamic enabling environments and capacities needed to transform insurance markets and support public fiscal resilience.
The consultation brought in stakeholders from federal and provincial governments, private sector, and development partners. The consultation is the first step in ensuring that all relevant stakeholders contribute to an inclusive, contextualized, and action-based roadmap. Further stocktaking and a gap analysis will be done to define priorities and enable the Government to submit a tailored Request of Support from the Global Shield. UNDP will coordinate the follow-up process as the nominated In Country Coordinator by MoCC&EC.
For additional information, please contact Shuja Hakim at email@example.com or +92 (51) 835 5650
Photos: Flickr Album
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