PM urges rethink of climate funding mode

Proposes establishment of IDC framework Says developing states need $6.8tr by 2030 Urges fair contributions fro

BAKU, AZERBAIJAN:

Prime Minister Shehbaz Sharif on Tuesday proposed the establishment of an internationally-determined contributions (IDC) framework to redefine the global climate funding mechanisms and address the critical financial needs of developing nations.

In his opening remarks at the Climate Finance Roundtable Conference, organised by Pakistan in Baku, the prime minister highlighted that the developing countries would require an estimated $6.8 trillion by 2030 to fulfil even half of their current climate goals.

"Our commitment to the climate must be accompanied by an equitable mechanism that ensures historic emitters contribute fairly, through financial and technical support to developing countries facing the brunt of climate impacts," Shehbaz told the roundtable.

The IDC proposal seeks to establish a structured mechanism to track and measure the delivery of climate finance commitments to developing nations. Under the IDC, the emitters would be accountable for fulfilling their commitments for mitigation and adaptation.

Prime Minister Shehbaz said that the IDC framework could be "a defining tool for a fair and effective global response" to climate challenges. "Cooperation and multilateralism are the only paths forward," he emphasised.

The prime minister called on the world to present a unified response to climate finance. He stressed the need for urgent reforms to the financial architecture to ensure no country was left behind in the global response to climate change.

Pakistan hosted the Climate Round Table Conference as part of the "World Leaders' Climate Action Summit" of the 29th Conference of the Parties (COP-29) to the UN Framework Convention on Climate Change, being held in the Azerbaijan capital.

Earlier, Shehbaz addressed a high-level event 'Actions for Glaciers' hosted by Tajik President Emamoli Rahmon. In his speech Shehbaz called for global unity to protect glaciers from pollution and snow melting by taking concrete action to secure the future of glaciers as well as the mankind.

Shehbaz told the participants that Pakistan was home to 7,000 glaciers which contributed 60 to 70% water in the Indus river flow. "However, these glaciers have been shrinking over a period of time and at an alarming rate, which is estimated at about 23% decrease since 1960," he added.

"This retreat is driven by rising temperatures and the consequences of these changes are glaringly visible," he said. Pakistan being the most affected country, he added, stood ready to work with the international community to protect these valuable natural resources."

He told the gathering that accelerated glacial melt had led to the formation of more than 3,000 glacial lakes in the Northern Areas of Pakistan which were posing great threat. Among these, he said, about 33 lakes were estimated to be at risk of outburst flooding, putting lives of over 7million people in danger.

"This is a very grave situation and demands urgent action. Glaciers 2025 Initiative provides a unique opportunity; to direct global attention on this crisis and drive coordinated efforts to stem the glacial melt," he stressed.

He said that Pakistan required enhanced support to monitoring glacier health and early warning systems, adopt climate-resilient agriculture practices and invest in alternative water solutions. "Let this be our legacy, when the glaciers thrive, the humanity flourishes," he stressed.

On the sidelines of the global gathering, Shehbaz interacted with several world leaders, and exchanged pleasantries with them besides discussing matters of mutual interest. Shehbaz was warmly received at the venue of the summit by Azeri President Ilham Aliyev and UN Secretary-General Antonio Guterres.

Besides, Shehbaz also had friendly exchanges with Turkish President Recep Tayyip Erdogan, Tajikistan President Imomali Rehmon, United Arab Emirates President Sheikh Mohamed bin Zayed Al Nahyan, Uzbek President Shavkat Mirziyoyev, and Kazakh President Kassym-Jomart Tokayev.

In meetings with Bangladesh Chief Adviser Dr Muhammad Yunus and Nepal's President Ram Chandra Poudel, the prime minister highlighted the issue of rising temperature in South Asia, the risks posed by rising sea level, and the conservation of forests.

The prime minister also discussed bilateral relations with British Prime Minister Keir Starmer and Danish Prime Minister Mette Frederiksen. They also agreed on enhancing cooperation on the key priorities so that the planet could be saved from the harmful impact of climate change.