PM Shehbaz calls on the international community to fulfill commitments made at COP27

"Prime Minister Muhammad Shehbaz Sharif addresses the round table discussion on 'Innovating with instruments and financing to address new vulnerabilities' at the Summit for New Global Financing Pact being held in Paris."

ISLAMABAD: Prime Minister Shehbaz Sharif called upon the international community to honor the commitments made during the 27th Conference of the Parties (COP27) held in Sharm al-Sheikh. He specifically emphasized the need to operationalize the Loss and Damage Fund with fairness as its guiding principle.

In a tweet, Prime Minister Shehbaz Sharif stated, “It is essential for the international community to fulfill the pledges made at COP27 in Sharm al-Sheikh. This includes the operationalization of the Loss and Damage Fund based on the principle of equity. It also entails providing grants to developing nations without increasing their debt burden and facilitating access to the Fund for climate-vulnerable countries through a climate vulnerability index.”

Currently, the prime minister is in Paris, France, attending the two-day Summit for the New Global Financing Pact. The summit, chaired by French President Emmanuel Macron, has gathered over 50 heads of states.

During his participation in the summit, Shehbaz Sharif raised awareness among world leaders about the external shocks that have resulted in a multidimensional crisis for developing countries like Pakistan. These shocks have hindered economic growth, disrupted supply chains, led to soaring commodity prices, and triggered devastating floods, causing losses of $30 billion.

He further highlighted the financial challenges in achieving the Sustainable Development Goals (SDGs) and the immense costs associated with climate objectives, which amount to trillions of dollars annually.

The prime minister emphasized the importance of seizing the present economic and climate turbulence as an opportunity for reevaluating the global financial framework. He suggested that international financial institutions (IFIs) should design their programs to be pro-growth and aligned with the SDGs and climate justice goals.

“The world is at a crossroads. Let us unite in solidarity and compassion to confront this challenge together,” concluded the prime minister.

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