PM Shehbaz calls for redefining global climate finance to support vulnerable nations

Prime Minister Shehbaz Sharif on Tuesday said global climate finance must be redefined to effectively meet the needs of vulnerable nations.

In his opening remarks at the Climate Finance Roundtable Conference in Baku on Tuesday, the prime minister called for stronger and more actable climate finance mechanisms under the United Nations (UN) Framework Convention on Climate Change.

Pakistan suffers ‘$100bn loss’ due to climate change

PM Shehbaz said despite repeated commitments, gaps are growing in quantum leaps, leading to egregious barriers in achieving the objective of UN framework on Climate Change.

He said developing countries will need an estimated 6.8 trillion dollars by 2030 to implement less than half their current Nationally Determined Contributions (NDCs).

The prime minister emphasised that the donor countries should fulfill their commitment to mitigate the adverse impact of climate change.

He stressed the need to resume focus on non-debt financing solutions, enabling countries to fund climate initiatives without additional burden.

Pakistan was home to 7,000 glaciers which provided an approximately 60% to 70% water for the Indus River flow, supporting 90% of agriculture and serving its 200 million people, PM Shehbaz said.

“However the glaciers that provide water for this river have been shrinking over a period of time and at an alarming time, which is estimated at about 23% decrease since 1960,” he added.

The prime minister said the retreat was driven by rising temperatures and the consequences of these changes were glaringly visible.

PM Shehbaz shared that accelerated glacial melt had led to the formation of more than 3,000 glacial lakes in the Northern Areas of Pakistan which were posing great threat. Out of these, he said, about 33 lakes were estimated at the risk of outburst flooding, putting lives of over 7million people in danger.

“This is a very grave situation and demands urgent action. Glaciers 2025 Initiative provides a unique opportunity; to focus on global attention on this crisis and drive the coordinated efforts to further stem the glacial melt,” the prime minister stressed.

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He stressed the observance of international year for Glaciers 2025 should send a message loud and clear for mitigating impacts upon glaciers, protecting of the eco-system, and the sustainable storage of water for the future.

Pakistan was a home to a number of glaciers outside the Polar region and preventing the loss of these vital resources like glaciers was critical as they served as lifeline for millions of people around world, PM Shehbaz said.

About 70% of fresh water was critical for the global water security, he added.

The prime minister also appreciated Tajik President for hosting an important meeting attended by experts, scientists, world leaders and politicians, who would provide valuable contributions as to how to counter the fast-melting glaciers around the globe.

“Let this be our legacy, when the glaciers thrive, the humanity flourishes,” he stressed.

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Amid political and economic challenges, environmental conflicts have further exacerbated the situation for Pakistan, inflicted loss of $100 billion during the last two decade due to climate change compared to around $130 billion total external debt since the country’s creation.