At WGS in Dubai, PM Shehbaz calls for boosting climate financing, technology sharing

Dubai (Web Desk): Prime Minister Shehbaz Sharif on Tuesday urged governments to boost climate financing and enhance the sharing of technology.

Addressing the World Governments Summit (WGS) in Dubai, he emphasized the importance of private investors exploring Pakistan’s clean energy and infrastructure opportunities, while calling on multilateral institutions to lend their support to emerging economies like Pakistan in achieving sustainable growth.

PM Shehbaz stressed that, while Pakistan is committed to mobilizing domestic resources and implementing necessary policy reforms, international partnerships and financial backing are crucial for reaching these goals.

He pointed out that the global shift towards a green economy requires shared responsibility, noting that the energy transition in Pakistan alone needs an investment of around $100 billion.

PM Shehbaz also reiterated Pakistan's commitment to a clean energy future, with a goal of achieving a 60% clean energy mix by 2030 and transitioning 30% of all vehicles to electric mobility.

He outlined the country’s efforts to rapidly scale up its use of solar, wind, hydropower, and nuclear energy.

The prime minister highlighted Pakistan’s southern regions, which hold an untapped wind energy potential of 50,000 megawatts, and the hydropower projects in the north that will contribute an additional 13,000 megawatts of clean energy.

PM Shehbaz also pointed to policy reforms that are accelerating solar energy adoption, such as tax exemptions, investment incentives, net metering, and waivers on customs duties for solar panels and other equipment.

“Pakistan presents one of the most promising investment landscapes in Asia, driven by a dynamic and youthful population, with 70% of its people under 30,” he said, adding that with its strategic location bridging South and Central Asia, the country’s emerging middle class and growing economy create substantial opportunities.

PM Shehbaz said that the government is working to simplify business regulations, enhance legal protections, and streamline investment approval processes, making Pakistan a top destination for global capital.

He said that the newly established Special Investment Facilitation Council (SIFC) is focused on driving investments in sectors like renewable energy, resilient infrastructure, technology and the digital economy, minerals, industrial development, and agricultural and food security.

On the agricultural front, PM Shehbaz discussed the government’s efforts to embrace environmentally friendly innovations to increase productivity and strengthen food security.

These include initiatives to enhance water efficiency through drip irrigation, precision farming, and drought-resistant crops, as well as watershed management to restore depleting aquifers.

The premier also highlighted efforts to promote agri-tech innovations, such as supplying solar-powered irrigation systems and incorporating renewable energy into farm operations.

Referring to Gaza situation, he said this gathering was being held at a time when the region began to recover from the tumultuous aftershocks of the tragic conflict in Gaza which claimed over 50,000 innocent Palestinian, adding it was hoped that the genocidal drive would be followed by the lasting peace.

His words echoed a strong desire for peace, yet PM Shehbaz underscored that such peace could only be achieved through a two-state solution, in line with the relevant United Nations (UN) resolutions.

The premier reiterated the vision of an independent Palestinian state, established within the borders that existed prior to 1967, with Jerusalem as its capital.

In his remarks, the prime minister also expressed profound admiration for the leadership of the UAE, particularly for their role in organizing the summit.

He acknowledged Dubai as a city that seamlessly bridges the future and the present, recognizing the city's remarkable transformation into a leading global center for commerce, technology, and innovation.

The UAE’s ability to host such an important gathering, amid its rising global stature, is a testament to its commitment to fostering progress and dialogue on the international stage.