Philippines among first to get G-7 climate funding

SHARM EL-SHEIKH, EGYPT—The Philippines was listed along with Pakistan, Ghana and Bangladesh as among the first recipients of funding from a Group of Seven (G-7) “Global Shield” initiative to provide funding to countries suffering climate disasters, the program announced on Monday at the 27th Conference of Parties summit in Egypt. The Global Shield, coordinated by G-7 President Germany, aims to provide rapid access for climate-vulnerable countries to insurance and disaster protection funding after floods or drought. It is being developed in collaboration with the V20 group of 58 climate vulnerable economies.