Debt-driven finance cannot address climate catastrophe: PM Shehbaz
Pakistan
PM Shehbaz expressed Pakistan’s commitment to be part of the solution to the climate crisis.
UNITED NATIONS (Dunya News) - Prime Minister Shehbaz Sharif on Wednesday called upon the international community to honour its commitment on climate finance, stressing that debt-driven finance cannot address the climate catastrophe confronting vulnerable nations like Pakistan.
“Loans over loans, [and] adding to loans is not a solution,” the prime minister said while speaking at the Special Climate Event convened by UN Secretary-General António Guterres along with the President of Brazil (COP-30 Host) for Member States to present new Nationally Determined Contributions (NDCs) with year 2035 targets.
PM Shehbaz expressed Pakistan’s commitment to be part of the solution to the climate crisis, hoping that the international community would also honour its commitment for the sake of the country’s future generations.
He reminded delegates that Pakistan was still reeling from the scars of the 2022 floods, which inflicted losses exceeding $30 billion and displaced millions. “This year, intense monsoon rains, cloudbursts, flash floods and devastating urban flooding have impacted more than five million people, destroyed 4,100 villages, and claimed over 1,000 precious lives,” he added.
Highlighting Pakistan’s minimal contribution to global greenhouse gas emissions, the prime minister said that despite negligible contribution to global greenhouse gas emissions, “We bear impacts far beyond our share”.
However, he pointed out that our commitment to delivering on our climate agenda, remained steadfast and unwavering. “In our 2021 nationally determined contribution, Pakistan committed to an unconditional 15 percent reduction in projected greenhouse gas emissions by 2030.”
As part of the overall target of cutting emissions by 50 percent, he shared that Pakistan had already delivered on its unconditional pledge of a 15 percent reduction. “Renewables are presently providing over 32 percent of Pakistan’s power mix. Solar energy has grown seven-fold since 2021,” the prime minister added.
Furthermore, he emphasized that 23,000 hectares of mangrove forests had been restored. “However, the implementation of Pakistan’s national adaptation plan is hampered and hampered severely due to inadequate international climate finance,” he regretted.
