Prime Minister Shehbaz Sharif called on wealthy nations to fulfil the financial commitments made in previous climate summits, emphasising the importance of supporting developing nations in managing climate impacts.
“COP29 should make this understanding loud and clear that we will have to fulfil those financial pledges committed in COP27, COP28,” the premier told the COP29 Climate Action Summit being held in Baku, Azerbaijan.
Around 200 nations are negotiating global action on climate change at the summit aimed at climate fund raising to help transition to clean energy and adaptation to a warmer world.
The summit seeks to reach a deal that ensures up to trillions of dollars in financing for climate projects worldwide.
Climate change remains a point of concern and contention for countries around the world who are now fighting over climate finance regarding the phenomenon affecting people all around the world.
“I would not want other countries to face the plight Pakistan faced back in 2022. Pakistan is a resilient, hard-working, and responsible nation. We are fully committed to being part of the global climate solutions,” PM Shehbaz said.
He said that the incumbent government in the country has taken concrete actions to deliver on its commitment to producing 60% of all energy from clean sources and shifting 30% of our vehicles to electric vehicles (EVs) by the end of this decade.
At the same time, Pakistan is going to go through a renewable energy revolution, he added.
The premier told the summit that last year, Pakistan presented a comprehensive national adaptation plan and developed its carbon market framework by 2024.
He, however, underscored that the country cannot reach the goal on its own and needs international support to deliver on its climate ambitions.
PM Shehbaz said that the developing countries will need an estimated $6.8 trillion by 2030 to implement less than half of their current NDCs. The same goes for adaptation and loss and damage.
“In COP27, Pakistan led this phenomenon. I strongly feel that climate finance must be grant-based and not add to the debt burden of developing countries. Finally, two years ago, I warned at the top of my voice that the future would never forgive our inaction, today, I echo the same,” he added.
The premier’s remarks come as the country ranks as the fifth most climate-vulnerable country globally, as per the Global Climate Risk Index. The catastrophic floods in 2022 resulted in over 1,700 deaths, affected 33 million people, and caused economic damage surpassing $30 billion.
While international donors committed over $9 billion for recovery efforts, officials report that very little of this aid has been received thus far.
