PM Shehbaz Calls for Redefined Global Climate Finance urging $6.8tr by 2030 to implement climate actions
Prime Minister Shehbaz Sharif urged world leaders to redefine global climate finance mechanisms to support vulnerable nations effectively, as he addressed the Climate Finance Roundtable Conference in Baku on the sidelines of the 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC).
The Prime Minister emphasized the need for actionable climate finance under the UNFCCC to close the widening gaps in funding and meet the urgent needs of developing countries. Stressing that vulnerable nations like Pakistan face overwhelming climate-related challenges, he pointed out that these countries will require an estimated $6.8 trillion by 2030 to achieve less than half of their Nationally Determined Contributions (NDCs).
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PM Shehbaz highlighted Pakistan’s own experience with climate disasters, including the devastating floods of 2022, which submerged one-third of the country, affecting 33 million people and resulting in $30 billion in damages. “In 2022, Pakistan had to repurpose all development and climate funds for basic relief and humanitarian efforts,” he said, underscoring the pressing need for support that does not add to debt burdens.
He criticized the reliance on debt-based climate financing, advocating for non-debt solutions that enable countries to tackle climate change without exacerbating financial challenges. “Debt should not be the ‘acceptable new normal’ in climate financing,” he said, cautioning that debt-driven financing models often lead to “mounting debt traps” for developing nations.
He called on donor countries to honor commitments, including the $100 billion annual climate pledge established at COP15, of which only $160 billion has been disbursed to date according to OECD figures.
PM Shehbaz joined leaders for the COP29 World Leaders’ Climate Action Summit opening session, where he was welcomed by Azerbaijan’s President Ilham Aliyev and UN Secretary-General Antonio Guterres.
During informal interactions, he discussed mutual interests in climate collaboration with UAE President Sheikh Mohamed bin Zayed Al Nahyan and Turkish President Recep Tayyip Erdogan. He also exchanged views on environmental protection with leaders from the UK, Uzbekistan, Tajikistan, Nepal, and Bangladesh, highlighting shared concerns over rising temperatures, glacial melt, and sea level increases affecting South Asia.
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