#COP29: Pakistan Calls for Overhaul of Climate Finance Strategy to Support Vulnerable Nations
“Climate financing is an urgent need of the hour,” PM Shehbaz Sharif told at Climate Finance Round Table Conference
In a bold move ahead of the COP29 conference in Baku, Pakistan’s Prime Minister Shehbaz Sharif has called for a comprehensive redefinition of global climate finance strategies to better assist vulnerable nations.
Addressing the Climate Finance Roundtable Conference on Tuesday in Baku, PM Shehbaz Sharif highlighted the urgent need for substantial financial support, estimating that developing countries require $6.8 trillion by 2030 to fulfil their climate commitments under the Paris Agreement.
PM Shehbaz Sharif also criticized existing financing models that often lead to increased debt burdens and urged donor nations to honour their pledges of 0.7% of gross national income for development assistance, emphasizing the necessity for equitable and transparent mechanisms in climate funding.
The Climate Finance Roundtable Conference was held on the sidelines of the “World Leaders’ Climate Action Summit” of the COP29 and was attended by multiple global leaders.
As Pakistan grapples with the devastating impacts of climate change, Sharif’s appeal aims to ensure that financial resources are effectively mobilized to build resilience and foster sustainable development in the most affected regions.
The prime minister emphasized that debt should not become the “acceptable new normal” in climate financing, urging the global community to prioritize non-debt financing solutions to help developing countries address climate challenges without adding to their financial burdens.
He pointed out that loans exacerbate the debt of developing nations, potentially leading to “mounting debt traps,” which he described as “death traps.”
Drawing on Pakistan’s experience with two devastating floods and its ongoing recovery, the prime minister expressed solidarity with other vulnerable nations, highlighting the shared challenges faced by developing countries in climate adaptation.
To improve transparency and coordination in financial commitments for climate initiatives, he called for stronger and more equitable mechanisms under the UNFCCC. He proposed a system to track unfulfilled pledges and address the fragmented nature of climate funds.
Referring to the concept of INDCs (Internationally Determined Contributions), he stressed that major historical emitters must be held accountable for their climate finance commitments, ensuring their proportional responsibility for both mitigation and adaptation efforts.
The prime minister also discussed the challenges developing countries face in transitioning to clean energy to reduce carbon emissions. He urged preferential access to capacity-building, technical assistance, and expedited consortium financing through diverse financial instruments to support this transition.
He further suggested that the UNFCCC establish a committee to periodically review Internationally Determined Contributions (IDCs) to ensure commitments are met.
