Islamabad, Nov 13: PM Shehbaz Urges Redefining Climate Finance Framework to Aid Developing Nations. Prime Minister Shehbaz Sharif on Tuesday called on the global community to reconsider climate finance to help climate-vulnerable developing nations achieve their NDC targets, which may require approximately US$6.8 trillion by 2030.
While addressing a high-level climate finance roundtable at COP29, a multilateral forum for international climate negotiations hosted by the United Nations Framework Convention on Climate Change (UNFCCC), the prime minister highlighted the urgent need for reforming the international financial system to ensure that no country is excluded from the global effort against climate change.
PM Shehbaz explained that the roundtable aimed to inspire fresh ideas on a longstanding issue that has grown more complex in international climate discussions without delivering significant outcomes.
“We find ourselves at a pivotal moment where the global climate finance framework must be restructured to adequately meet the requirements of vulnerable nations. Despite numerous promises and ongoing commitments over the years, the gaps are expanding rapidly, creating significant obstacles to achieving the goals of the UNFCCC. We collectively agree that financing both resilience and ambition is the most critical need at this moment,” the prime minister stated.
He asserted that developing countries need to deliver on their nationally-determined contributions (NDCs) to their populations, emphasizing the necessity to encourage innovative ideas and discussions to make international climate finance more responsive, fair, and sufficient to effectively tackle solutions at various levels.
Prime Minister Shehbaz emphasized that donor nations should honor their commitment to allocate 0.7 percent of their gross national income for development assistance and utilize existing climate funds.
He pointed out that one such commitment is the $100 billion annual climate finance pledge made more than a decade ago at COP-15, which, according to the OECD, has now only reached $160 billion. He mentioned that, He proposed that the UNFCCC establish a committee to periodically review internationally determined contributions (IDCs).
The forum also included participation from heads of state from various countries, high-ranking dignitaries, state representatives, global experts, and international media. Tajikistan’s President, Emomali Rahmon, stated that to tackle global threats and challenges, coordinated collective actions were necessary, particularly through financing climate initiatives. “Tajikistan is among the developing nations vulnerable to climate issues, experiencing over 4,000 climate-related and natural disasters in the past decade, resulting in $500 million in damages and the loss of 400 lives,” he remarked.
Rahmon expressed confidence that fostering a strong and inclusive coalition of developing nations and their development partners was essential for promoting reforms in the international climate finance system for future generations.
Kyrgyzstan’s President, Sadyr Nurgojo uulu Japarov, remarked that Kyrgyzstan and Pakistan, like many others, were eager to fulfill the agenda presented. “We are currently facing climate change, which poses a fundamental threat to sustainable development at regional, national, and global levels,” he stated.
The high-level roundtable organized by Pakistan was timely in light of the upcoming COP29 decisions regarding new collective qualitative goals for climate finance, according to the Kyrgyz President. “Without sufficient funding, many of our projects remain theoretical. The obligation to provide climate finance should align with national emissions.
Those responsible for 80 percent of global emissions should take the lead in supporting vulnerable developing nations with both financing and technology,” he commented. Azerbaijan’s Foreign Minister, Jeyhun Bayramov, expressed his appreciation to Prime Minister Shehbaz Sharif for initiating the roundtable and commended the collaborative efforts that led to its success.
“The effects of climate change are evident to all of us, necessitating funding for just energy transitions, adaptation initiatives against adverse climate impacts, and addressing the aftermath of climate-related events and disasters while ensuring that no one is left behind,” he explained.
Bayramov pointed out that people worldwide are suffering from the effects of climate change, as in recent months the world has seen hurricanes in the Caribbean, devastating floods in India, Bangladesh, Nigeria, Chad, and more recently in Spain.
“Pakistan is familiar with these challenges. The floods of 2022 drew global attention to the extensive devastation suffered by countless individuals and the resulting billions in losses and damages. In this regard, Pakistan’s leadership, particularly as chair of the G77 in 2022, played a vital role in the historic establishment of the loss and damage fund in Sharm El-Sheikh, Egypt,” he stated.
