in

Pakistan Needs $348 Billion For Climate Action

Pakistan being the eighth most vulnerable country to climate change will actively pursue the operationalization of a $100 billion loss and damage fund and advocate for equal funding for both mitigation and adaptation at the upcoming COP28 summit in Dubai.

With a pressing need for around $348 billion by 2030 to address climate-related challenges, the country emphasizes its climate action requirements, briefed Secretary of the Ministry of Climate Change Syed Asif Hyder Shah.

He highlighted the need for equitable funding during COP28 negotiations, acknowledging that $348 billion will not come through the international summit.

Pakistan’s delegation, led by Caretaker Minister Ahmed Irfan Aslam, aims to raise awareness about the significance of climate adaptation.

At the previous COP-27 meeting in Egypt, Pakistan played a pivotal role in establishing a global agreement on the loss and damage fund. This time, COP-28 will center on five key agendas, including the operationalization of the loss and damage fund, the first Global Stock Take (GST) report, the mitigation work program, the global goal on adaptation, and climate finance.

The secretary emphasized Pakistan’s position on creating an interim fund that will transition into a standalone fund after three years. Criteria for extending climate finance should focus on developing countries, but the issue is that developed countries are advocating for a focus on small island developing states (SIDs) and least developed countries. Pakistan argues for the inclusion of developing countries in the fund.

Pakistan intends to convey the message that adaptation is as crucial as mitigation, pushing for an increased target beyond the $1 billion set for global climate finance. The establishment of a COP cell and a communication cell underscores the importance of timely and perpetual information sharing about the country’s engagements in global climate conferences.

The secretary clarified that the COP forum addresses broader rules and frameworks and does not discuss individual countries. The COP pavilion, funded by donors and others, has not incurred any costs to the Government of Pakistan.

The global adaptation finance of $34 billion, diverted from the total pledged climate fund of $100 billion, is double the amount allocated for mitigation.

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

    Costa Coffee Brews Up a Storm in Islamabad!

    BENLY e: Honda Unveils its E-bike in Pakistan