Pakistan’s PM calls for $100 billion climate pledge fulfilment, launch of loss and damage fund

ISLAMABAD: Pakistan’s Caretaker Prime Minister Anwaar-ul-Haq Kakar on Wednesday called for the fulfillment of an overdue $100 billion climate finance pledge by wealthy countries and the “urgent launch” of the Loss and Damage Fund meant for countries most vulnerable to climate catastrophes, the foreign office spokesperson said in a statement.
Flood-battered Pakistan pushed for the establishment of the Loss and Damage Fund during a global climate conference at the Egyptian resort town of Sharm El-Sheikh in November last year. Pakistan led a group of 134 African, Asian and Latin American states and small island nations to present a united stand to push for the initiative, which would ensure wealthy countries pay for the billions in damage that vulnerable countries suffer due to climate change. Details on how the fund will operate and how it will source money will be worked out by a committee in the coming year.
Pakistan took the initiative after unusually heavy rains and melting glaciers triggered flash floods across the country in June 2022. The catastrophe killed over 1,700 people and swept away large swathes of land, destroyed hundreds of houses and damaged critical infrastructure across the country. Pakistan estimated the total damage from the floods to be over $30 billion.
Pakistan’s Foreign Office Spokesperson Mumtaz Zahra Baloch said during the SDG Summit Leaders Dialogue in New York on Thursday, Kakar highlighted the challenges that developing countries face in attaining sustainable development goals.
“He called for climate justice, including the fulfilment of the pledge for over $100 billion annually in climate finance, allocation of half of this amount to climate adaptation and the urgent launch of the Fund for “Loss and Damage,” Baloch said.
The climate pledge was made in 2009 by wealthy countries to transfer $100 billion per year from 2020 to vulnerable states hit by increasingly severe climate change impacts. Failure to meet the pledge by rich nations has fueled mistrust in climate negotiations between countries as they attempt to boost carbon dioxide cutting measures.
Kakar, who is in New York to attend the 78th annual session of the United Nations General Assembly (UNGA) said at the SDG Summit Leaders Dialogue that only 12 percent of the UN’s sustainable development goal targets were met due to economic turmoil caused by the COVID-19 pandemic, climate-induced catastrophes, and conflicts raging in different parts of the world.
“This has been further exacerbated by a morally bankrupt international financial architecture,” he was quoted as saying by the Prime Minister’s Office (PMO).
Kakar is scheduled to address the UNGA on Friday, Sept. 22 which would make him Pakistan’s first caretaker premier to address the session. During his address, the prime minister will elaborate on measures being taken by the government to consolidate Pakistan’s economic recovery and efforts to mobilize domestic and external investments, Pakistani state media reported.
Kakar will also meet world leaders on the sidelines of the UNGA meetings.