Developing states seek increase in Adaptation Fund

Sustainable Development Policy Institute (SDPI) Executive Director Dr Abid Qaiyum Suleri on Monday underscored that developing countries – G-77 plus China – needed to establish unity for working out indigenous solutions to climate crisis as a just energy transition without proper finances was proving elusive.

The SDPI executive director was participating in the 28th Conference of Parties (COP28) of the United Nations Framework Convention on Climate Change (UNFCCC) as a special delegate in various plenaries, group discussions and other important deliberations taking place at the critical environmental moot.

In his exclusive chat with APP, Suleri said that G-77 countries plus China should revive the same spirit as demonstrated at COP27 in Sharm el-Sheikh, Egypt.

He noted that it should be floated as a proposal for future COP meetings to achieve tangible results. “This requires some sort of financing that I call DAI (Data, Action and Investment). So, when we have investment, then we require data to understand investment prospects and action not only by the development partners but also by the recipient country and the people working on it.”

The SDPI official hoped that COP28 would come up with some kind of oil and gas-related initiatives and climate funds as a just transition to clean energy was important.

“This is something we should add from developing countries to our composite and transitory phase financing, which is being called transit finance by civil society groups.”

Read: Pakistan’s stance on climate finance for developing countries acknowledged at COP28: PM

He added that climate finance, the Loss and Damage Fund and transit finance could be utilised for the developing world.

“We have more than one economic giant and a majority of them are not part of global financial institutions in proportion to their GDP and economic might. There is a push from countries like China for a bigger role in the IMF, World Bank, Asian Development Bank and economic chains.”

Suleri elaborated that the global decarbonisation initiative was being signed by countries at COP28, which was basically about carbon removal through capture and sequestration measures.

Secondly, negotiations were being held on the Adaptation Fund where developing countries were demanding an increase in its size.

Published in The Express Tribune, December 5^th, 2023.

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