However, integrating disaster risk financing into broader loss and damage efforts is a crucial step toward building resilience, ensuring timely response, and supporting long-term recovery, she emphasized while delivering a keynote address at an important event ‘Pakistan and the Global Shield’ held at the Pakistan Pavilion in Baku on the sidelines of COP29 global climate summit held on Wednesday. 

“Integrating disaster risk financing into loss and damage efforts represents a proactive approach to managing the escalating costs of climate change. By combining innovative financial tools with inclusive, data-driven strategies, governments, and global partners can mitigate climate risks, support recovery, and foster resilience,” the PM’s climate aide Romina Khurshid Alam told the participants from various countries, UN agencies and nongovernmental organisations. “Collaborative action today will safeguard communities and ecosystems for a more secure and equitable future.”

She said further that today’s discussions with climate and disaster insurance experts and the climate change & environmental coordination ministry’s senior officials explored the pressing gaps in pre-arranged financial protection—particularly in public infrastructure, agricultural livelihoods, and small businesses—and how the Global Shield can bring unique value by aligning development efforts, fostering a country-led process, and leveraging pre-arranged financing instruments.

As a result, the climate change ministry has received several proposals from national and provincial government departments as well as the private sector to bridge this gap forming Pakistan’s formal Request for Support to the Global Shield which is being handed over today, she highlighted.  

“We are fortunate to have such a broad and committed range of stakeholders with us today. The involvement of international development partners, civil society, and the private sector will be crucial in advancing our shared goals, the ministry secretary Aisha Humera Moriani said.

Hamza Haroon, Regional Director-South Asia from the Climate Vulnerable Forum Vulnerable 20 (CVF-V20), underscored the critical importance of addressing the needs of the most vulnerable communities through disaster insurance programmes in Pakistan.

“Introducing climate insurance products for disaster-vulnerable communities, their livelihoods and infrastructure is cornerstone of policy efforts and programmes being taken by the Pakistani government for building climate resilience,” he underlined and suggested, “Engaging with insurance companies to introduce different disaster insurance plans for vulnerable communities and sectors will be a crucial step by the different relevant government organisations including ministry of finance and climate change & environmental coordination ministry.”

Mr. Joerg Linke, from GIZ Competence Center Climate, showcased the transformative potential of shock-responsive social protection systems that can be scaled up in Pakistan for climate-vulnerable communities.
He said that while the frequency and intensity of climate shocks such as natural disasters, economic crises and pandemics increase, the shock-responsive social protection systems (SRSPs) have emerged as a critical tool for safeguarding vulnerable populations. 

“By integrating flexibility and responsiveness into traditional social protection mechanisms, SRSPs in Pakistan would not only provide urgent relief during crises/disaster times but also help foster long-term resilience and equity,” Joerg Linke told during his speech.