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Pakistan lauds operationalisation of dedicated global climate fund for developing countries

PM Kakar for utilising Loss & Damage Fund on merit to cope with climate change,

Countries agree to operationalize the loss and damage fund,

Islamabad_Pakistan on Thursday applauded the historic achievement at COP28 (30 Nov to 12 Dec 2023) as the Loss and Damage Fund, a dedicated climate fund for developing countries, sees swift operationalization, with  USD 575 million pledged within the first hour of the conference’s opening session, according to Mediaperson Ministry of Climate Change and Environmental Coordination Muhammad Saleem.

He said in a press release issued here today the pledge also includes USD 225 million committed by European Union.

The ministry official highlighted that this momentous occasion followed Pakistan’s crucial role at COP27 in Egypt, where, as the Chair of the G77 and China group, it advocated for the establishment of the fund.

Over the past year, Pakistan actively engaged as a member of the transitional committee responsible for finalizing recommendations on the operationalization of the fund, he added.

The mediaperson Muhammad Saleem said further that  this success underscores Pakistan’s commitment to addressing the impacts of climate change on vulnerable nations.

The Pakistani delegation expressed gratitude to the the global community’s rapid response, recognizing the fund’s significance in mitigating climate-related challenges, especially for nations facing vulnerabilities, the ministry official said.

Muhammad Saleem also said, this milestone indeed marked  just the onset  of a collective effort, as the global community emphasizes the urgency of increasing contributions to the Loss and Damage Fund. While the initial pledges amount to a significant sum of USD 575 million, it is recognized that these contributions fall short in addressing the immense challenges faced by climate-vulnerable nations. The call to action resonates with the understanding that additional financial support is imperative to effectively mitigate and manage the aftermath of climate-related disasters. As the COP28 proceedings continue, nations are urged to further elevate their commitments to ensure the fund’s robustness in assisting those most affected by the impacts of climate change.

As COP28’s inaugural session kicked kff today in Dubai, Pakistan reaffirmed its dedication to actively engaging and leading developing countries on this critical issue.

“The country remains committed to collaborative efforts with the global community to ensure the effective implementation and utilization of the Loss and Damage Fund”, the ministry official stressed.

Meanwhile,

Prime Minister Anwaarul Haq Kakar on Thursday stressed the need to immediately operationalise the Loss & Damage Fund, ensuring its utilisation on merit to cope with the issues of climate change.

He said the utilization of Fund should not be linked with the development funds and loans from multilateral financial entities, but the funding should be additional and tangible.

The prime minister, in an interview with CNN on the sidelines of United Nations Framework Convention on Climate Change (UNFCCC) COP28, said that currently Pakistan’s focus was on transformation from the coal-based power plants to renewable energy projects to contribute towards minimising the climate change impacts in the region and beyond.

“This is the area which could attract interest of countries here in Gulf Cooperation Council (GCC) countries, the UAE, Saudi Arabia, Kuwait, and the settled economies and democracies on the western side, so it is an opportunity for all of them and all of us,” he added.

Kakar said that climate change was no more a fashionable point to discuss as it hit Pakistan very hard last year.

The prime minister pointed out that Pakistan was not primarily responsible for contributing to the climate disaster in which the country’s two provinces Sindh and Balochistan faced historical devastation.

“Everyone knows who have been contributing in last one century so it is more of a question of an honest conversation rather than passing judgment on countries and economies,” he remarked. Therefore, he added, the responsibility shown by the wealthy nations themselves would be a welcome step.

To a question whether the Fund should be operationalised through a United Nation framework, the prime minister said, “If we wait for a UN framework it will take years of years. Therefore, initially it is possible to operationalise it under the World Bank and other multilateral entities.”

Esarlier, At the COP28 opening today all parties showed solidarity by agreeing to operationalize the loss and damage fund and funding arrangements.

Amid scenes of applause and jubilation in the Plenary Hall, several countries pledged money to the fund totaling some $300 million.

“Today’s news on loss and damage gives this conference a running start,” said UN Climate Change Executive Secretary Simon Stiell. “Governments must use this momentum to deliver a truly ambitious outcome in Dubai

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