BAKU -UNS: Prime Minister Shehbaz Sharif on Tuesday urged the world community for redefining the global climate finance to enable climate vulnerable developing countries to meet their NDC goals, half of which may take around US$6.8 trillion by 2030.
The prime minister, addressing the high level climate finance roundtable on the sidelines of COP29 – international climate negotiations’ multilateral forum held under the patronage of the United Nations Framework Convention on Climate Change (UNFCCC) -, emphasized the urgent need to build momentum for reforming international financial architecture, “forging a path where no nation is left behind in the global response to climate change.”
PM Shehbaz while elaborating the purpose of the roundtable briefed the participants that it was intended to foster new thinking on an old problem that was becoming complicated on all the international climate forums without yielding substantial results.
“We stand at a crucial threshold where global climate finance framework must be redefined to effectively meet the needs of vulnerable nations. Despite years of promises and repeated commitments, the gaps are growing in quantum leaps leading to egregious barriers in achieving objectives of UNFCCC. We all agree that financing resilience as well as ambition is the most urgent need of the hour,” the prime minister said.
He said that the developing countries needed to deliver to their masses on nationally-determined contributions (NDCs) that was why it was imperative to spur both ideas and discourse to make international climate finance more responsive, equitable and sufficient enough to address solutions at various scale enhancing effectiveness of climate finance.
