Climate change minister attends P$G summit organized by Republic of Korea

Staff Report

ISLAMABAD: The Second P4G Summit was hosted by the Government of the Republic of Korea in its capital, Seoul. Government leaders and top officials from 46 countries including Pakistan and heads of 21 international organizations, along with representatives from business sector and civil society, took part in the conference.

The P4G (Partnering for Green Growth and Global Goals 2030) is a global initiative aimed at facilitating public-private partnership to tackle climate change and achieve Sustainable Development Goals. This year due to the prevailing COVID-19 pandemic, the Summit was held virtually and mustered international solidarity required to build back better and greener from the COVID-19 crisis and be a stepping stone for the success of the 2021 26th United Nations Climate Change Conference of the Parties (COP26).

Minister for Climate Change and Special Assistant to the Prime Minister, Mr. Malik Amin Aslam participated in the leaders’ session of the Summit by delivering a video message. He showcased Pakistan’s Green Stimulus Package, a commitment to green growth through ‘Ten Billion Trees Plantation Initiative’, expansion of protected areas and ‘Recharge Pakistan’ project, which will provide up to 185,000 green jobs for youth. The Minister also mentioned that, focusing on the green growth, Pakistan has set up the Ecosystem Restoration Fund, launched its first green Eurobonds and consulted with other countries on a debt-for-nature swap.

The two-day Summit engaged world leaders in dialogues on Inclusive Green Recovery from COVID-19, Efforts of the International Community to Achieve Carbon-Neutrality by 2050 and the Efforts to Strengthen Climate Action and to Facilitate Public-Private Partnerships through Inclusive Green Recovery. At the end of the Summit, the leaders adopted the Seoul Declaration, calling for the engagement of governments, businesses and civil society as part of “collective solutions” to global climate change and to achieve green recovery for current and future generations.

DNA

ISLAMABAD – The Second P4G Summit was held on the 30^th and 31^st of May, 2021 hosted by the Government of the Republic of Korea in its capital, Seoul. Government leaders and top officials from 46 countries including Pakistan and heads of 21 international organizations, along with representatives from business sector and civil society, took part in the conference.

 The P4G (Partnering for Green Growth and Global Goals 2030) is a global initiative aimed at facilitating public-private partnership to tackle climate change and achieve Sustainable Development Goals. This year due to the prevailing COVID-19 pandemic, the Summit was held virtually and mustered international solidarity required to build back better and greener from the COVID-19 crisis and be a stepping stone for the success of the 2021 26th United Nations Climate Change Conference of the Parties (COP26).

Minister for Climate Change and Special Assistant to the Prime Minister, Mr. Malik Amin Aslam participated in the leaders’ session of the Summit by delivering a video message. He showcased Pakistan’s Green Stimulus Package, a commitment to green growth through ‘Ten Billion Trees Plantation Initiative’, expansion of protected areas and ‘Recharge Pakistan’ project, which will provide up to 185,000 green jobs for youth. The Minister also mentioned that, focusing on the green growth, Pakistan has set up the Ecosystem Restoration Fund, launched its first green Eurobonds and consulted with other countries on a debt-for-nature swap.

The two-day Summit engaged world leaders in dialogues on Inclusive Green Recovery from COVID-19, Efforts of the International Community to Achieve Carbon-Neutrality by 2050 and the Efforts to Strengthen Climate Action and to Facilitate Public-Private Partnerships through Inclusive Green Recovery. At the end of the Summit, the leaders adopted the Seoul Declaration, calling for the engagement of governments, businesses and civil society as part of “collective solutions” to global climate change and to achieve green recovery for current and future generations.

BRUSSELS: EU countries will be able to launch the bloc´s coronavirus recovery plan in June after all 27 members approved the scheme, the European Council announced Monday.

“The European Union is now able to obtain the necessary funding for the European social and economic recovery,” said Antonio Costa, the prime minister of Portugal, which currently chairs the Council.

The Commission will now be able to go to the capital markets and borrow the money to finance the plan in the name of the EU members.

The EU´s landmark 750-billion-euro ($910-billion) recovery plan, known as Next Generation EU, was drawn up in July 2020.

But it needed the green light from all 27 member states before the Commission could borrow in the name of the bloc.

The landmark fund for the first time creates a pool of common debt — shared between EU members, to lower borrowing costs for weaker members — a move that was long opposed by “frugal” northern states.

“The governments and national parliaments of the EU 27 have shown a strong sense of solidarity and responsibility,” Costa said.”We cannot afford to waste more time,” he added. “We must ensure the swift approval of the first recovery and resilience plans by the end of June.”

Clement Beaune, France´s minister for European affairs, told Les Echos newspaper that the EU would start approaching major international and European banks from Tuesday.

The parliaments of Austria and Poland were the last to approve the common debt mechanism on Thursday.

Spain and Italy, both hit hard by the coronavirus, will be the main beneficiaries of the fund, each receiving nearly 70 billion euros.

The money is due to go towards major infrastructure work and environmental projects such as developing the network of recharging stations for electric vehicles.

Money has also been set aside to improve high-speed telecommunications and data storage facilities.