Baku (Web Desk): Prime Minister Shehbaz Sharif on Tuesday urged the global community to redefine climate finance to better support vulnerable nations, highlighting the growing gap between climate finance commitments and actual funding.
Speaking at the Climate Finance Roundtable Conference in Baku, PM Shehbaz argued that current financial mechanisms under the United Nations Framework Convention on Climate Change (UNFCCC) are inadequate and must be strengthened to ensure meaningful action.
He pointed out that, despite numerous pledges, the gap in climate funding is widening at an alarming rate, creating significant obstacles to achieving the goals set by the UNFCCC.
PM Shehbaz warned that developing nations will require approximately $6.8 trillion by 2030 to implement even a portion of their Nationally Determined Contributions (NDCs), a critical element in the global effort to combat climate change.
"The commitments made by donor countries have not been fulfilled, and the funding shortfall continues to grow," the prime minister stated.
He called for urgent action from wealthier nations to honor their promises and provide the necessary financial resources to help mitigate the devastating effects of climate change on vulnerable countries.
PM Shehbaz emphasized the need to prioritize non-debt financing solutions, which would allow developing nations to fund climate adaptation and mitigation initiatives without taking on additional debt burdens. This, he argued, is essential for ensuring that countries can meet their climate goals without compromising their economic stability.
PM Shehbaz, world leaders discuss environment-related issues
Earlier, PM Shehbaz f held informal meetings with world leaders at the opening ceremony of the Climate Action Summit, the Radio Pakistan reported.
He interacted with United Arab Emirates (UAE) President Sheikh Mohammed bin Zayed Al Nahyan and discussed cooperation on climate change and matters of mutual interest.
The prime minister also met with Turkish President Recep Tayyip Erdogan and First Lady Emine Erdogan. They discussed cooperation on globally highlighting issues of environmental pollution and climate change as well as matters of mutual interest between Turkey and Pakistan.
Besides, Shehbaz Sharif met with Uzbek President Shavkat Mirziyoyev and Tajik President Emomali Rahmon. They discussed conservation of glaciers and water resources in Central Asian countries and Pakistan. They also exchanged views on expanding communication links among Pakistan, Tajikistan, and Uzbekistan.
On the occasion, the premier also talked to Nepalese President Ramchandra Paudel and Chief Advisor of Bangladesh's Interim Government Dr. Muhammad Yunus. They discussed growing temperatures, the threat of rising sea levels, and forest conservation in South Asia.
Additionally, they talked about enhancing bilateral relations between Pakistan and both Bangladesh and Nepal.
PM Shehbaz also met his British counterpart Sir Keir Starmer and discussed enhancing Pakistan-UK cooperation.
Furthermore, he interacted with Kazakh President Kassym-Jomart Tokayev. They discussed strengthening Pakistan-Kazakhstan relations and expanding regional connectivity.
