IslamabadPrime Minister Shehbaz Sharif called on the international community to urgently rethink the global climate finance system to help vulnerable developing countries achieve their climate goals. Speaking at a high-level climate finance roundtable during COP29 – an international climate forum held under the auspices of the United Nations Framework Convention on Climate Change – the Prime Minister stressed that developing countries may need up to $6.8 trillion by 2030 to meet their needs. . Its nationally determined contributions (NDCs).
During his speech, Prime Minister Shehbaz stressed the urgent need to reform the current international financial architecture to ensure that no country is left behind in responding to the global climate. He stressed that the time has come to move beyond empty promises and commitments that have not resulted in significant progress, pointing out that the gaps in climate financing are widening with each passing year.
“We stand at a pivotal moment when the global climate financing framework must be redefined to meet the needs of the most vulnerable countries. Despite repeated pledges, financing gaps are widening, creating significant barriers to achieving the goals of the United Nations Framework Convention on Climate Change,” said the President. Ministers: “We must act now to provide the flexibility and ambition necessary to confront climate change.”
He noted that developing countries are struggling to meet their nationally determined contributions and that international climate finance must become more responsive, equitable and adequate. Prime Minister Shehbaz called on donor countries to fulfill their commitment to provide 0.7% of their gross national income in development assistance and urged that existing climate funds be capitalized to better address global climate challenges.
Prime Minister Shehbaz highlighted the inadequacy of the $100 billion climate finance pledge made at COP15, which amounted to only $160 billion so far, and noted that a significant portion of this financing comes in the form of loans, adding to the The world’s debt burden is increasing. Developing countries. He referred to this trend as a potential “death trap” for these countries, pushing them into more debt without resolving fundamental issues around climate resilience.
Pakistan, which recently witnessed devastating floods, understands the plight of other vulnerable countries. Prime Minister Shehbaz stressed the need for stronger and more equitable climate financing mechanisms within the framework of the United Nations Framework Convention on Climate Change, calling for increased transparency and coordination in how climate financing is allocated and monitored.
He proposed creating a mechanism to track unfulfilled climate finance pledges and measure the contributions of historical senior emitters in relation to their responsibilities for mitigation and adaptation efforts. In addition, he called for non-debt financing solutions to ensure developing countries can finance their climate initiatives without bearing the additional burden of accumulating debt.
The Prime Minister also addressed the challenges facing developing countries in transitioning to clean energy. He called for preferential technical assistance and financing to support these countries in their efforts to transition to sustainable energy systems.
At the roundtable, President Emomali Rahmon, President of Tajikistan, and President Sadr Nujojo-Ulu Japarov, President of Kyrgyzstan, stressed the need for a collective and coordinated global response to climate change, emphasizing that responsibility for financing climate action must be aligned with historical emissions. The two leaders expressed their support for reforming the international climate finance system to ensure that vulnerable countries get the support they need to address the impacts of climate change.
Azerbaijani Foreign Minister Jeyhun Bayramov also praised Pakistan’s initiative, noting that the effects of climate change are being felt around the world, with devastating events such as hurricanes, floods and forest fires becoming increasingly common. He highlighted Pakistan’s leadership role in calling for the establishment of a Loss and Damage Fund at the UN Climate Change Conference (COP27) in Sharm El-Sheikh, which has become a critical component of the international climate finance framework.
As COP29 progresses, the call to redefine the climate finance system is gaining momentum. Developing countries, together with their international partners, are lobbying to create a fair, transparent and adequate financial architecture to address the climate crisis and protect future generations.