PM Shehbaz advocates for a $6.8 trillion climate fund for developing countries by 2030

Published at: November 12, 2024 3:37 PM

Updated at: December 12, 2024 5:56 AM

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

He stressed that developing nations face severe climate challenges but often lack the resources to address them adequately.

“We need urgent climate finance to tackle the consequences of environmental changes,” Prime Minister Sharif said, urging developed nations to fulfill their longstanding but largely unmet funding commitments.

He emphasized that developing countries need $6.8 trillion by 2030 to effectively manage climate impacts. Citing Pakistan’s struggle to recover from recent devastating floods, he called for funds to be allocated in line with the UN climate framework.

The prime minister also pointed out that although a goal of $100 billion in annual climate finance was set in 2009, increasing this target has become critical as the world faces the intensifying effects of climate change.