BAKU – Prime Minister Shehbaz Sharif has said global climate finance must be redefined to effectively meet the needs of vulnerable nations.
In his opening remarks at the Climate Finance Roundtable Conference in Baku on Tuesday, he called for stronger and more actable climate finance mechanisms under UN framework convention on Climate Change.
He said despite repeated commitments, the gaps are growing in quantum leaps, leading to egregious barriers in achieving the objective of UN framework on Climate Change.
The Prime Minister said developing countries will need an estimated 6.8 trillion dollars by 2030 to implement less than half their current Nationally Determined Contributions (NDCs). He said the donor countries should fulfill their commitment to mitigate the adverse impact of climate change.
Shehbaz Sharif stressed the need to resume focus on non-debt financing solutions, enabling countries to fund climate initiatives without additional burden.
