Baku: Prime Minister Shehbaz Sharif has said global climate finance must be redefined to effectively meet the needs of vulnerable nations. In his opening remarks at the Climate Finance Roundtable Conference in Baku today, he called for stronger and more actable climate finance mechanisms under the UN Framework Convention on Climate Change.
According to Radio Pakistan, the Prime Minister expressed concern over the growing gaps in climate finance, which he described as creating egregious barriers to achieving the objectives outlined in the UN Framework on Climate Change. Despite repeated commitments from international stakeholders, these gaps have expanded significantly.
He highlighted the immense financial requirements of developing nations, stating that they will need an estimated 6.8 trillion dollars by 2030 to implement less than half of their current Nationally Determined Contributions (NDCs). Shehbaz Sharif urged donor countries to fulfill their pledges to mitigate the adverse impacts of climate change.
Furthermore, the Prime Minister underscored the importance of focusing on non-debt financing solutions. He emphasized that enabling countries to fund climate initiatives without incurring additional financial burdens is critical for sustainable progress in climate action.