Climate calamity cannot be addressed by debt-driven finance: PM Shehbaz

Prime Minister Shehbaz Sharif urged the world community to fulfill its climate finance pledge on Wednesday, emphasizing that debt-driven financing is insufficient to meet the climate crisis that vulnerable countries like Pakistan are facing.

During the Special Climate Event, which was organized by UN Secretary-General António Guterres and the President of Brazil (COP-30 Host) to allow Member States to submit new Nationally Determined Contributions (NDCs) with year 2035 targets, the prime minister stated, “Loans over loans, [and] adding to loans is not a solution.”

For the benefit of the nation’s future generations, PM Shehbaz reaffirmed Pakistan’s commitment to contribute to the climate crisis solution and hoped that the international community would likewise uphold this promise.

He emphasized to the delegates that Pakistan was still suffering from the floods of 2022, which caused millions of people to be homeless and caused losses of over $30 billion. “This year, more than five million people have been affected, 4,100 villages have been destroyed, and over 1,000 precious lives have been lost due to severe monsoon rains, cloudbursts, flash floods, and devastating urban flooding,” he continued.

The prime minister emphasized that although Pakistan contributes very little to global greenhouse gas emissions, “We bear impacts far beyond our share.”

He did note, though, that our resolve to fulfill our climate agenda remained firm and unshakable. “Pakistan pledged to unconditionally reduce projected greenhouse gas emissions by 15 percent by 2030 in our 2021 nationally determined contribution.”

He revealed that Pakistan had already fulfilled its unqualified promise of a 15 percent reduction in emissions, which is part of the wider goal of reducing emissions by 50 percent. Currently, more than 32% of Pakistan’s power comes from renewable sources. Since 2021, solar energy has increased sevenfold, the prime minister continued.

He also highlighted the restoration of 23,000 hectares of mangrove forests. “Unfortunately, insufficient international climate finance is seriously impeding the implementation of Pakistan’s national adaptation plan,” he said.