Prime Minister Muhammad Shehbaz Sharif has called upon the international community to honor their commitments made at the COP27 Conference in Sharm El-Sheikh. He emphasized the need for operationalizing the Loss and Damage Fund based on the principle of equity. The Prime Minister also urged the fulfillment of commitments to provide grants to developing countries without increasing their indebtedness, allowing climate-vulnerable nations to access the fund through a climate vulnerability index.
Addressing Challenges and Shocks:
During the Summit for a New Global Financing Pact, Prime Minister Shehbaz Sharif highlighted the exogenous shocks that have affected developing countries like Pakistan, creating a polycrisis. These shocks have led to economic growth stagnation, disruptions in supply chains resulting in soaring commodity prices, and the occurrence of extreme weather events that triggered unprecedented floods, causing losses amounting to 30 billion dollars for Pakistan.
The Cost of Financing and Climate Goals:
The Prime Minister emphasized the heavy cost borne by the world due to the inability to bridge financing gaps for achieving the Sustainable Development Goals and realizing climate goals. This cost amounts to trillions of dollars annually. He called for seizing the present economic and climate turbulence as an opportunity for reevaluating the global financial architecture.
Rethinking the Financial Architecture:
Prime Minister Shehbaz Sharif proposed that international financial institutions should design their programs to be pro-growth and aligned with Sustainable Development Goals and climate justice goals. He emphasized the need for a course correction in the global financial architecture to address the challenges faced by developing nations.
A Call for Solidarity and Compassion:
The Prime Minister urged the world to face the truth and rise to the challenge together, demonstrating a spirit of solidarity and compassion. He emphasized the importance of collaborative efforts to tackle global issues and suggested using the present circumstances as a catalyst for positive change.
Prime Minister Muhammad Shehbaz Sharif has called for the international community to fulfill their commitments made at the COP27 Conference in Sharm El-Sheikh. He highlighted the challenges faced by developing countries and stressed the need for equitable access to the Loss and Damage Fund. The Prime Minister also urged a reevaluation of the global financial architecture to align programs with Sustainable Development Goals and climate justice. He called for collective action, solidarity, and compassion to address the world’s pressing challenges.
