Pak PM calls for $6.8 trillion in climate funding for developing nations

Developing countries require $6.8 trillion in financing by 2030 to manage the impacts of climate change effectively, Pakistan's Prime Minister said

Pakistan's Prime Minister Shehbaz Sharif on Tuesday called for $6.8 trillion in climate funding for developing countries by 2030.

Sharif was speaking at a climate finance roundtable hosted by Pakistan during the 29th UN Climate Change Conference (COP29) in Azerbaijan's capital Baku.

According to live coverage of his speech by Pakistani TV channels, the prime minister stressed that developing countries were facing huge climate challenges but were often left without adequate resources to meet them.

We need urgent climate finance to tackle issues brought by environmental changes, Sharif said, as he asked the developed countries to fulfil promises that have remained largely unmet despite repeated commitments.

Developing countries require $6.8 trillion in financing by 2030 to manage the impacts of climate change effectively, the premier said.

He pointed out that while a climate finance goal of $100 billion annually was set in 2009, increasing this target is now crucial as the world collectively grapples with the far-reaching impacts of climate change.

The prime minister said that debt cannot 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, he said.

Sharif also highlighted Pakistan's recent experience with devastating floods of 2022, which hit about 33 million people, depriving them of shelter or livelihood or both in some cases, while causing a loss of $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 said.

Separately, Pakistan's Foreign Office said that several high-level events and roundtable discussions hosted by Pakistan will also take place at the Pakistan Pavilion during COP29.

It said at COP29, Pakistan will call for balanced and ambitious progress on all issues such as loss and damage, adaptation, mitigation and means of implementation.

It (Pakistan) will seek predictable financing to address developing countries' climate goals. Pakistan will also underscore the historical responsibility and the principle of Equity and Common but Differentiated Responsibility and call on developed nations to undertake deeper emission cuts, the Foreign Office said.