ISLAMABAD: Prime Minister Shehbaz Sharif on Friday urged the international community to deliver on commitments made at COP27 in Sharm al-Sheikh and also operationalize Loss and Damage Fund on the principle of equity.

“The international community should deliver on the commitments they made at COP27 in Sharm al-Sheikh, including the operationalization of Loss and Damage Fund on the principle of equity; provision of grants that don’t increase the indebtedness of developing countries; enabling climate-vulnerable countries to access the Fund on the basis of a climate vulnerability index,” he said in a tweet.

He said that as part of his interactions during the Summit for a New Global Financing Pact, he drew world leaders’ attention to the exogenous shocks that created the poly-crisis for developing countries like Pakistan.

These shocks, he said resulted in stalling growth, supply chain disruptions caused commodity prices to soar, leading to back-breaking inflation and then extreme weather events precipitated unprecedented floods that cost Pakistan $30 billion in losses.

“The inability to bridge the financing gaps to achieve Sustainable Development Goals (SDGs) coupled with the cost of realizing climate goals is inflicting a heavy cost on the world, running into trillions of dollars annually,” he added.

The Prime Minister said the world should use present economic and climate turbulence as an opportunity for course correction.