Pakistani PM Shehbaz Calls for Grant-Based Climate Finance and Fulfillment of Earlier Pledges at COP29

Pakistani PM Shehbaz Calls for Grant-Based Climate Finance and Fulfillment of Earlier Pledges at COP29

Pakistani PM Shehbaz Calls for Grant-Based Climate Finance and Fulfillment of Earlier Pledges at COP29

Pakistan Prime Minister Shehbaz Sharif calls for grant-based climate finance and fulfillment of previous commitments at COP29

As the world grapples with the deepening impacts of climate change, Pakistan's Prime Minister Shehbaz Sharif called on world leaders at COP29, currently taking place in Dubai (UAE), to ... take more concrete steps. Specifically, Sharif called on the international community to fulfill previous climate finance commitments and prioritize grant-based lending to countries most vulnerable to the devastating effects of climate change, including Pakistan.

With climate-related disasters such as floods, droughts and heat waves wreaking havoc on Pakistan's population and infrastructure, Sharif's call to action is in line with both the country's immediate needs and the broader global climate crisis. Pakistan accounts for only a small fraction of global greenhouse gas emissions, making it one of the countries most affected by climate change. Extreme weather events have been particularly severe, causing the displacement of millions of people, the destruction of crops and severe economic damage.

Climate Finance: A Key Issue for Pakistan

Pakistani PM Shehbaz Calls for Grant-Based Climate Finance and Fulfillment of Earlier Pledges at COP29

One of the central themes of Shehbaz Sharif's speech at COP29 was the issue of climate finance, particularly the urgent need for "grant financing". Developing countries, especially those in the developing world, have long been calling for more financial support from wealthy countries to mitigate climate change and adapt to its effects. Sharif stressed that these countries should not rely on loans that would further increase their already high debt burden, but on "grant-based financing" where repayment obligations would be waived.

The Prime Minister also reminded the international community of the annual $100 billion target set in the Paris Climate Agreement, which committed to providing developing countries with financial support to fight climate change. Unfortunately, this target has not been met and Pakistan, like many other vulnerable countries, is still waiting for these commitments to be fulfilled.

2022 Floods: An Unforgettable Memories

Pakistani PM Shehbaz Calls for Grant-Based Climate Finance and Fulfillment of Earlier Pledges at COP29

Pakistan's call for climate justice is especially poignant following the devastating floods of "2022". Monsoon rains that year caused the worst floods in Pakistan's history, inundating one-third of the country, affecting more than 33 million people and causing billions of dollars in damages. The floods were a stark reminder that climate change is not just an abstract threat, but a present crisis with immediate impacts.

Pakistan's government and people are struggling to rebuild. Many communities are still living in refugee camps, facing food insecurity and dealing with the long-term effects of the disaster. In his speech, Sharif stressed that the international community must not only financially support reconstruction efforts, but also support long-term adaptation measures such as early warning systems, climate-resilient infrastructure and disaster prevention programs.

Action and Accountability

While Pakistan's demand for climate change finance is urgent, Prime Minister Sharif has also made clear the importance of "accountability" in its climate finance efforts.