Bilawal floats idea of Climate Bank

Says financial support issue is expected to be resolved in next COP meeting

ISLAMABAD:

Foreign Minister Bilawal Bhutto Zardari has floated the idea of a “Climate Bank” to provide loans to the developing countries at affordable rates.
The foreign minister expressed his view in an interview to a foreign broadcasting organization.

“Climate change will affect developed countries as well,” he added.
Commenting on the recent landmark decision in favour of climate justice, he said, “Establishment of Loss and Damage fund is an achievement of the world hit by (climate-induced) disasters.”

Bilawal said that a mechanism to benefit the most affected countries is yet to be decided, saying: “The issue of financial support is expected to be resolved in the next COP meeting, which will be hosted by the United Arab Emirates (UAE).”

He added that G77 plus China members are worried about the actualization of previous promises.

“As the chairman G77 plus China, Pakistan wants the implementation of the agreement,” he added.

The foreign minister said instead of pointing fingers at each other we should take collective action to mitigate the losses wrought by natural disasters.

“If International Monetary Fund (IMF) and World Bank (WB) can be approached (for loans), then there should be a “Climate Bank” for the stricken countries to borrow money from at reasonable rate,” Bilawal said.

The minister expressed his determination, “We have to bring people back on their feet.”

To curb the usage of fuel hazardous for environment, the minister said that there was a need of “practical consensus” of the opinion regarding this.