ISLAMABAD: Pakistan welcomes the establishment of a fund to address loss and damage caused by climate-induced disasters. The consensus decision taken to this effect by the COP27 in Sharm-El-Sheikh (Egypt) is a momentous achievement, especially for the Group of 77 and China, as the developing countries have been demanding such a fund for the past 30 years.

The catastrophic climate change induced floods in Pakistan early this year that resulted in losses and damages of over US$ 30 billion refocused the global attention towards this critical issue.

Pakistan, as Chair of the Group of 77 and China, galvanized support for establishment of the Fund in COP 27 in Sharm el Sheikh, first by having it placed on the Agenda of the Conference, and then pushing for a consensus agreement.

The dedicated “Fund for Loss and Damage” will address losses and damages in developing countries, such as Pakistan, which are particularly vulnerable to the adverse impacts of Climate Change.

Pakistan congratulates the developing countries for their exemplary solidarity and steadfastness in pushing their case for a Fund for Loss and Damage. We also appreciate the understanding and cooperation of the developed countries in recognizing the urgency to act on loss and damage.

Pakistan also appreciates the Egyptian Presidency of COP27, especially Foreign Minister Sameh Shoukry, as well as, UNFCCC Executive Secretary Simon Stiell, for this historic breakthrough.

We look forward to early operationalization of the Fund, with the hope that the Fund would bridge a major gap in the climate finance architecture.

Copyright Business Recorder, 2022