Pakistan PM Shehbaz Sharif Urges USD 6.8 Trillion Climate Funding for Developing Nations by 2030

Pakistan's Prime Minister, Shehbaz Sharif, has urged for USD 6.8 trillion in climate funding for developing nations by 2030. Speaking at a climate finance roundtable during the 29th UN Climate Change Conference COP29 in Baku, Azerbaijan, Sharif highlighted the significant climate challenges faced by these countries and the lack of resources to address them.

Sharif emphasised the urgency of climate finance to combat environmental changes. He called on developed countries to honour their commitments, which have largely remained unfulfilled. "Developing countries require USD 6.8 trillion in financing by 2030 to manage the impacts of climate change effectively," he stated.

Climate Finance Goals and Challenges

The prime minister pointed out that a climate finance goal of USD 100 billion annually was set in 2009. However, he stressed the need to increase this target as the world deals with the widespread effects of climate change. He also noted that debt should not become the "acceptable new normal" in climate financing.

"Debt cannot become the acceptable new normal in climate financing which is why we must resume focus on non-debt financing solutions enabling countries to fund climate initiatives," Sharif said. He advocated for non-debt solutions to enable countries to finance climate initiatives effectively.

Pakistan's Recent Climate Challenges

Sharif highlighted Pakistan's experience with severe floods in 2022, affecting about 33 million people and causing a loss of USD 30 billion. "In 2022, one-third of Pakistan was under water and the country had to repurpose all development and climate funds for financing basic relief and humanitarian efforts," he explained.

Pakistan's Foreign Office announced that several high-level events and discussions would occur at the Pakistan Pavilion during COP29. These events aim to address issues like loss and damage, adaptation, mitigation, and implementation means.

Calls for Global Responsibility

At COP29, Pakistan will advocate for balanced progress on various issues and seek predictable financing for developing countries' climate goals. The Foreign Office stated that Pakistan would highlight historical responsibility and equity principles while urging developed nations to make deeper emission cuts.

The conference serves as a platform for Pakistan to push for ambitious actions from developed countries, ensuring they contribute fairly to global climate efforts. This approach aims to secure necessary resources and support for developing nations facing severe climate impacts.