Global Shield.

IT is encouraging to note that Pakistan's campaign at COP27 to present its case as one of the countries most vulnerable to climate change has yielded results. We have now been named among seven other nations that will benefit from the 'Global Shield' initiative announced at the summit last Monday. The initiative, being hailed as a 'path-breaking effort', aims to quickly unlock pre-arranged financial support for countries hit by climate disasters. Global Shield funding is to be separate from any support pledged to cover damages and losses by developed nations to countries facing climate devastation. As its name indicates, this initiative will only aim to ensure that the people most vulnerable to climate disasters are shielded from most of its immediate effects.

For Pakistan, Global Shield has a different kind of worth than whatever funding it may bring in. It is important to understand why. Global Shield funding will be provided to countries to fund protective nets, such as means to cover lost livelihoods, social protection, livestock and crop insurance, property insurance, business interruption insurance, and so forth. Global...