PM urges world community to deliver commitments of COP27 Conference in Sharm El-Sheikh

The international community should deliver on the commitments they made at the COP27 Conference in Sharm El-Sheikh – Prime Minister Shehbaz Sharif said – including the operationalization of the Loss and Damage Fund on the principle of equity.

According to the details, the Prime Minister made these remarks regarding the COP27 Conference in Sharm El-Sheikh in a statement on the social network website Twitter today (Friday, June 23).  He said it should also deliver the commitments for the provision of grants that don’t increase the indebtedness of developing countries, enabling climate-vulnerable countries to access the Fund on the basis of a climate vulnerability index.

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PM Shehbaz Sharif has said as part of his interactions during the Summit for a New Global Financing Pact, he drew world leaders’ attention to the exogenous shocks that created a poly-crisis for developing countries like Pakistan. He said these shocks resulted in stalling growth, supply chain disruptions caused commodity prices to soar, leading to back-breaking inflation, and then extreme weather events precipitated unprecedented floods that cost Pakistan 30 billion dollars in losses.

The Premier further stated that the inability to bridge the financing gaps to achieve Sustainable Development Goals coupled with the cost of realizing climate goals is inflicting a heavy cost on the world, running into trillions of dollars annually. He said the world should use present economic and climate turbulence as an opportunity for course correction.

“The starting point could be rethinking the global financial architecture where international financial institutions should design their programs to be pro-growth and aligned with Sustainable Development Goals and climate justice goals,” he said, adding that the world faces a moment of truth. Let us all vow to rise to the challenge hand in hand in a spirit of solidarity and compassion.