ISLAMABAD: Minister for Climate Change Senator Sherry Rehman urged international community to restructure international financial system to address climate change adaptation and mitigation. “International financial infrastructure must be restructured to make climate finance accessible to developing countries,” she said.

Minister for Climate Change made these remarks during her participation in Petersburg Climate Dialogue in Germany. Senator Sherry said amid rising climate crisis and vulnerabilities of impacted communities it was imperative for making Climate Fund more accessible to developing countries bearing maximum burden of environmental degradation. Developing countries like Pakistan faced challenge of securing necessary climate funds to meet their environmental goals, she added. “According to Standing Committee on Finance of United Nations Framework Convention on Climate Change, 78 developing countries need $ 6 trillion by 2030 to meet their financial needs under Paris Agreement.

Developed countries will receive 52 percent of climate finance in 2022 while developing countries will receive only 48 percent,” Sherry Rehman said. Although 80 percent of world’s population belonged to these developing countries, she said, adding, “Worryingly, developing countries, including Pakistan have limited access to global environmental finance.” She said Pakistan needed $ 348 billion by 2030 to address challenges of climate change, which was 10.7 percent of its total GDP. “For us, international climate finance is critical to adaptation and mitigation. Developing countries need access to funds to meet their environmental goals,” she added. Minister added that transparency and accountability were also essential in distribution and use of climate finance. Climate justice and equitable adaptation and mitigation efforts were central to this conversation, whereas UN commits developed countries to provide sustainable financial resources to developing countries, she said. “We must address important questions regarding recently created Loss and Damages Fund before COP-28 and close funding gap in the global financial system. Clear outline for COP 28 should be presented with climate finance and adaptation as main agenda,” Sherry said.

She added that it was collective responsibility of global community to take necessary steps to ensure sustainable future and tackle climate change. “It is time to tackle impacts of climate change together and take steps for sustainable and inclusive transition,” She added.

Published in The Daily National Courier, May, 03 2023

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