Prime Minister Shehbaz Sharif on Friday described climate financing as a “crucial component” of addressing the effects of climate change, urging developed nations to honor their commitments during a meeting with the United Nations’ top official in the country.
Despite contributing less than one percent to global carbon emissions, Pakistan remains one of the world’s most climate-vulnerable nations, frequently battered by extreme weather events.
The catastrophic floods of 2022 submerged a third of the country, affecting over 33 million people, killing more than 1,700 and inflicting about $30 billion in damages and economic losses.
In response, Pakistan has led efforts on climate financing, securing pledges at international platforms such as the COP27 climate conference in Egypt to assist in rebuilding climate-resilient infrastructure.
“[The Prime Minister] reaffirmed Pakistan’s strong political commitment to advancing the objective of combating climate change in close collaboration and partnership with the international community and the UN,” the PM Office said in a statement after Sharif’s meeting with UN Resident Coordinator Mohamed Yahya.
“The Prime Minister underscored that climate financing remained a crucial component of addressing the impacts of climate change, and expressed the hope that the developed nations would fulfill their commitments in that regard,” it added.
Pakistan has played a key role in pushing for the operationalization of the Loss and Damage Fund, an initiative to support nations suffering climate-induced destruction, in recent years.
Sharif also emphasized the need for reforms in the global financial system to increase the voice and representation of developing countries in international financial institutions in his meeting with the top UN official, according to the statement.
Last week, the UN Resident Coordinator called for “stronger international solidarity” in rebuilding homes in Pakistan’s flood-affected regions while speaking to Arab News.
He also described it as “unjust” for Pakistan to be asked to take loans for reconstruction, arguing that the crisis was caused by other countries, including 20 nations responsible for 80 percent of global emissions.