Web Desk, June 23, 2023: Prime Minister Muhammad Shehbaz Sharif says the international community should deliver on the commitments they made at COP27 Conference in Sharm El-Sheikh, including the operationalization of Loss and Damage Fund on the principle of equity.
In a Tweet today, he said it should also deliver the commitments for provision of grants that don’t increase indebtedness of developing countries, enabling climate-vulnerable countries to access the Fund on the basis of a climate vulnerability index.
The Prime Minister said as part of his interactions during the Summit for a New Global Financing Pact, he drew world leaders’ attention to the exogenous shocks that created polycrisis for developing countries like Pakistan.
Shehbaz Sharif said these shocks resulted in stalling growth, supply chain disruptions caused commodity prices to soar, leading to back-breaking inflation and then extreme weather events precipitated unprecedented floods that cost Pakistan 30 billion dollars in losses.
He said the inability to bridge the financing gaps to achieve Sustainable Development Goals coupled with the cost of realising climate goals is inflicting a heavy cost on the world, running into trillions of dollars annually.
The Prime Minister said the world should use present economic and climate turbulence as an opportunity for course correction.
He said the starting point could be rethinking the global financial architecture where international financial institutions should design their programs to be pro-growth and aligned with Sustainable Development Goals and climate justice goals.
He further said that the world faces a moment of truth. Let us all vow to rise to the challenge hand in hand in a spirit of solidarity and compassion.