BAKU, NOV 12: Ahead of the 29th United Nations climate conference, also known as COP29, in Baku, Prime Minister Shehbaz Sharif has called for “redefining” the global climate finance framework to “effectively meet the needs of vulnerable nations”.
The premier made these remarks while addressing the Climate Finance Roundtable Conference, which was attended by multiple global leaders, held on the sidelines of “World Leaders’ Climate Action Summit” of the COP29.
While elaborating the purpose of the roundtable, PM Shehbaz briefed the participants that it was intended to foster new thinking on an old problem that was becoming complicated on all the international climate forums without yielding substantial results.Play Video
He emphasised the urgent need to build momentum for reforming international financial architecture, “forging a path where no nation is left behind in the global response to climate change.”
PM Shehbaz called climate financing an “urgent need of the hour”, stating that developing countries need to deliver Nationally Determined Contributions (NDCs) and “need an estimated $6.8 trillion by 2030 to implement less than half of their current NDCs.”
He underscored that the donor countries should fulfill their commitment to provide 0.7% of their gross national income as developing assistance and capitalise existing climate funds.
Furthermore, the prime minister said debt cannot become the “acceptable new normal” in climate financing which was why the world should focus on non-debt financing solutions enabling developing countries to fund climate initiatives without depositing an additional burden.
He explained that financing in the form of loans further enhance the debt of developing nations and potentially pushes them towards “mounting debt traps” which he referred to as “death traps”.
Pakistan can understand the agony and pain of other vulnerable developing countries as it had faced two devastating floods and still recovering from the loss, he said as he highlighted Pakistan’s recent experience with devastating floods.
“In order to spur some transparency and coordination into the financial commitments made to the developing countries on climate transfers, Pakistan alongside many other developing countries call for stronger, more equitable climate finance mechanisms under the UNFCCC,” he added.
He suggested a mechanism be set up to measure the unfulfilled pledges, fragmented at an incomplete landscape of climate funds to developing countries. “What I call INDCs whereby major historic emitters should account for climate finance commitments for both mitigation and adaptation pledges reflecting their proportionate responsibilities,” he added.
The prime minister also highlighted challenges to developing countries in embracing clean energy transition to offset their carbon emission from power sector.
He mentioned that the developing countries looking to enable energy transition should also get preferential capacity and technical assistance in fast tracking consortium financing through various financial instruments.
He suggested the UNFCCC to setup a committee to review internationally-determined contributions (IDCs) periodically.
On arrival at the summit venue, UN Secretary-General Antonio Guterres and President of Azerbaijan Ilham Aliyev welcomed the prime minister.
Later, he also posed for a family photo along with the participating leaders at the venue which followed the opening of the World Leaders Climate Action Summit.
Premier meets world leaders
As the participating leaders gathered for a group photo, PM Shehbaz held an informal interaction with them and exchanged pleasantries besides discussing matters of mutual interest.
PM Shehbaz interacted with United Arab Emirates (UAE) President Sheikh Mohamed bin Zayed Al Nahyan and discussed matters of mutual interest including bilateral cooperation in the climate change field.
During interaction with Turkish President Recep Tayyip Erdogan and Turkish First Lady Emine Erdogan, the two leaders discussed ways to cooperate in highlighting the issues of climate change and environmental pollution at the international level.
The premier also met with UK Prime Minister Sir Keir Starmer, where the two discussed enhancing Pakistan-UK cooperation.
In his interaction with Uzbek President Shavkat Mirziyoyev and Tajikistan President Emomali Rahmon, the leaders discussed protection of glaciers and water resources in Pakistan and Central Asia as well as the strengthening connectivity with both the countries.
In his meetings with Nepal’s President Ramchandra Paudel and Bangladesh’s Dr Muhammad Yunus, PM Shehbaz discussed growing temperatures, the threat of rising sea levels, and forest conservation in South Asia.
Meanwhile, he also interacted with Kazakhstan President Kassym-Jomart Tokayev and discussed strengthening bilateral relations and expanding regional connectivity.
Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar, Coordinator to Prime Minister on Climate Change Romina Khurshid Alam accompanied the prime minister.
