Baku, November 12, 2024 — Prime Minister Shehbaz Sharif has called on developed nations to spearhead efforts in climate finance reform, urging a redefined framework to support climate-vulnerable developing countries in achieving their climate goals. Speaking at a high-level roundtable on the sidelines of COP29, PM Shehbaz emphasized the urgency of creating an international financial system that includes and supports all nations in combating climate change.
The Prime Minister highlighted the unmet promises of climate financing, including the $100 billion annual pledge, much of which has only materialized as loans, increasing debt for developing nations. “These debt burdens are becoming ‘death traps’ for countries already struggling with climate impacts,” he remarked. Shehbaz emphasized that climate financing should be in non-debt forms to prevent further financial strain on vulnerable nations.
Drawing on Pakistan’s own experience with devastating floods, PM Shehbaz called for a more transparent and equitable climate finance mechanism under the UNFCCC, with developed nations fulfilling their pledged support. He proposed regular reviews of climate finance commitments and underscored the importance of preferential access to resources for developing countries transitioning to clean energy.
The roundtable was attended by leaders including Tajikistan’s President Emomali Rahmon and Kyrgyzstan’s President Sadyr Japarov, who echoed the call for strong international collaboration in financing climate resilience.
Earlier, PM Shehbaz attended the World Leaders’ Climate Action Summit and other high-level events at COP29, engaging in discussions on urgent climate actions with global leaders.
