Top leaders of Imran Khan's party briefly arrested and released in Rawalpindi, Pakistan

Pakistan says developing countries will need $6.8 trillion by 2030 to meet climate commitments

ISLAMABAD: Prime Minister Shehbaz Sharif said on Tuesday that developing countries would need around $6.8 trillion by 2030 to implement less than half of their current nationally determined contributions (NDCs), or national action plans to reduce emissions and adapt to the climate impacts defined by the Paris Agreement. Agreement.

Nearly 200 countries gathered this week in Baku, Azerbaijan, for the COP29 climate negotiations to discuss details of an agreement known as the New Collective Quantified Target, designed to deliver billions of dollars of climate finance to the regions that need it most. But the United States, Europe and others say they will only commit to the fund if the list of countries contributing to it is expanded to include countries like China, South Korea and Singapore, and the resulting impasse could block progress in the negotiations.

Meanwhile, COP29 follows a year of weather disasters that have emboldened developing countries in their demands for climate money.

Pakistan is ranked 5th most vulnerable country to climate change, according to the Global Climate Risk Index. In 2022, devastating floods killed more than 1,700 people and affected more than 33 million people, causing economic losses exceeding $30 billion. International donors pledged more than $9 billion last January to help Pakistan recover from floods, but officials say little of the promised funds has been received so far.

Developing countries will need about $6.8 trillion by 2030 to implement less than half of their current NDCs, Sharif said in a speech on the sidelines of the World Leaders' Climate Action Summit.

Donor countries should meet their commitment to provide 0.7 percent of their gross national income [as development assistance] and capitalize on existing climate funds.

One of these commitments, the $100 billion annual pledge for climate finance, established more than a decade ago at COP15, is now reported by the Organization for Economic Co-operation and Development as n 'having reached only $160 billion, Sharif said.

Although this figure represents only a tiny proportion of the identified needs, a significant portion of this financing is dispersed in the form of loans, further increasing the debt burden of developing countries and potentially pushing them into debt traps. growing debt, which I call death traps, Sharif. added.

Pakistan, like many other developing countries, is calling for stronger and more equitable climate finance mechanisms. Debt cannot become the new acceptable standard for climate finance. This is why we must once again focus on financing solutions other than debt, allowing countries to finance climate initiatives.

Sharif also called on the United Nations Framework Convention on Climate Change to establish a committee to periodically review the NDCs.

We must double adaptation financing from the current level and funds for loss and damage must be improved and directed towards resilient infrastructure and other urgent needs, Sharif added.

Last year, governments pledged $800 million for a new loss and damage fund to help poorer countries hit by climate-driven disasters. The fund, which has a director and a host country, will now decide how the funds should be distributed and call for more contributions at COP29.

On Tuesday, the world's largest multilateral banks, including the World Bank, the European Investment Bank and the Asian Development Bank, pledged to increase climate finance for low- and middle-income countries to $120 billion. dollars per year by 2030, as part of efforts at COP29 to agree on an ambitious annual target.

Reaffirming the goal of limiting global warming to 1.5 degrees Celsius above the pre-industrial average by 2050, the new figure represents an increase of more than 60 percent from what the group of 10 multilateral banks (BMD) channeled to the poorest countries last year. according to a press release issued during the UN climate summit.

The new figure includes $42 billion to help adapt to the impacts of extreme weather, an increase of 70% from the 2023 figure.

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