PM Kakar For Executing $100b Commitments For Climate Change Finance

DUBAI, (UrduPoint / Pakistan Point News – 2nd Dec, 2023) Caretaker Prime Minister Anwaar-ul-Haq Kakar on Saturday called for immediately executing the US$100 billion commitments for climate finance to ensure implementation of climate change actions by the developing countries and to mitigate the climate change impacts.

“Such finance should neither be at the cost of development finance nor add to the already high debt burden of the developing countries,” the prime minister said while delivering National Statement at the 28th Conference of Parties of the United Nations (COP 28) here.

He also called upon the developed countries to take the lead in raising global mitigation ambition commensurate with their economic standing and historical responsibility and then help developing countries do the same.

“We need to achieve global resilience through delivering an ambitious outcome in the form of a framework for global goal on adaptation with clear targets and indicators including regular monitoring of progress,” he said adding that at least half of climate finance must be allocated to adaptation.

The prime minister said that the expectations from COP28 were high but not unrealistic hoping that this COP would deliver with action not just words.

He laid emphasis on providing adequate means of implementation including climate finance, capacity-building and technology, to developing countries to tackle this growing challenge.

The prime minister highlighted that last year, Pakistan suffered super floods while this year would be the world‘s hottest year in recorded history.

At COP 26 at Glasgow, he said Pakistan increased its ambitions presenting the revised Nationally Determined Contributions (NDC) with a target of 60 percent overall reduction in projected emissions by 2030.

“This year, Pakistan presented a comprehensive national adaptation plan and has also launched an innovative Living Indus Initiative that brings together our care for climate and for nature,” he said adding “We will also be presenting our first update report during this COP“.

Last year, he said Pakistan led the endeavor to craft an agreement on establishing a global loss and damage fund while this year “we worked to activate an adequately financed loss and damage fund and its funding arrangement”.

He said climate justice demanded that the developing countries should be enabled to achieve the Sustainable Development Goals (SDGs) even as they contribute to climate objectives. “The provision of sufficient additional predictable grant-based climate finance by developed countries is imperative.”
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