PM Shehbaz calls for $6.8 trillion in climate funding for developing nations at COP29

Prime Minister Shehbaz Sharif, speaking at a climate finance roundtable hosted by Pakistan during the 29th UN Climate Change Conference (COP29) in Azerbaijan's capital, Baku, called for $6.8 trillion in climate funding for developing countries by 2030.

He emphasised that these nations face substantial climate challenges but are often left without adequate resources.

“We need urgent climate finance to tackle issues brought by environmental changes,” Sharif stated, urging developed countries to fulfil promises that have remained largely unmet despite repeated commitments.

“Developing countries require $6.8 trillion in financing by 2030 to manage the impacts of climate change effectively.”

Premier highlighted Pakistan’s recent experience with devastating floods, which have left the country struggling to rebuild, and called on developed countries to allocate funds in alignment with the UN climate framework.

The prime minister pointed out that while a climate finance goal of $100 billion annually was set in 2009, increasing this target is now crucial as the world collectively grapples with the far-reaching impacts of climate change.