Thursday, February 29, 2024

Caretaker PM for fulfilling growing needs of developing countries to implement climate actions

Caretaker PM for fulfilling growing needs of developing countries to implement climate actions
December 2, 2023 Web Desk

DUBAI (APP) - Caretaker Prime Minister Anwaarul Haq Kakar on Saturday stressed the need to fulfill the growing needs of the developing countries to implement the climate change actions.

“Financial needs of the developing countries are way more than the unfulfilled US$100 billion pledge,” he said in his address to the Global Stock Take (GST) event on means of implementation here.

He said even to fulfill less than half of their existing Nationally Determined Contributions (NDC), the developing countries needed US$6 trillion by 2030. The prime minister pointed out that adaptation needs alone were $387 billion per year till 2030, whereas with respect to the current estimates for loss and damage were around $400 billion annually which were expected to grow to $1 to 2 trillion by 2050.

He urged that the outcomes of GST and the COP28 must clearly highlight this enormous gap between the finance mobilized and needs of the developing countries. He also called upon the developed countries to urgently rectify shortfalls and their finance commitments under the Paris agreement, unlocking scaled up and improved financial support that would enable developing countries to contribute in bridging the implementation gaps in their mitigation and adaptation action.

“We believe outcomes of the GST are well timed to guide the critical discussion in 2024 on setting the post 2025 new collective quantified goals on finance commensurate with the needs of the developing countries,” he remarked. He also stressed that the GST should strengthen effectiveness of the technology mechanism in scaling up development and transfer of proven climate technologies and enable better degree of capacity building for developing countries. “The need for reform of the international financial architecture also requires focus,” he added.

Regarding the technology transfer, PM Kakar said: “We proposed to focus on key and high emitting sectors with joint indicators functioning solutions, time frames and enabling conditions needed to put in place green technologies”. On capacity building, he said, the developing countries required support, and greater coherence and coordination across the UN system.

“To attract the required private and public investment, developing countries must be provided capacity building support to develop appropriate instruments and in creating pipelines of bankable projects for adaptation and mitigation,” he remarked. He hoped that the discussions and deliberation here and throughout the COP could result in an ambitious outcomes on the means of implementation which was equitable and responsive to the needs of developing countries.

He said: “We have all come here with one aim ensuring that the planet remains liveable for our children and children’s children. Our assembly here recognizes the acuteness of challenges faced in the realm of climate extremes. The notion of implementation and support is a critical element of the Global Stock Take report.”

The prime minister maintained that the climate change was happening now, some were witnessing it on television screens while some other like people in Pakistan were witnessing it first-hand. “The critical concern for the developing countries like Pakistan is the recurring natural disasters and consequent adaptation needs in the impacted sectors of water, agriculture, urban resilience, natural capital, and human health,” he concluded.