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    Pakistan lauds operationalisation of dedicated global climate fund for developing countries

    Pakistan lauds operationalisation of dedicated global climate fund for developing countries

    Chitral Times Report

    ISLAMABAD: Pakistan on Thursday applauded the historic achievement at COP28 (30 Nov to 12 Dec 2023) as the Loss and Damage Fund, a dedicated climate fund for developing countries, sees swift operationalization, with USD 575 million pledged within the first hour of the conference’s opening session, according to Mediaperson Ministry of Climate Change and Environmental Coordination Muhammad Saleem. He said in a press release issued here today the pledge also includes USD 225 million committed by European Union. The ministry official highlighted that this momentous occasion followed Pakistan’s crucial role at COP27 in Egypt, where, as the Chair of the G77 and China group, it advocated for the establishment of the fund. Over the past year, Pakistan actively engaged as a member of the transitional committee responsible for finalizing recommendations on the operationalization of the fund, he added.

    The mediaperson Muhammad Saleem said further that this success underscores Pakistan’s commitment to addressing the impacts of climate change on vulnerable nations. The Pakistani delegation expressed gratitude to the the global community’s rapid response, recognizing the fund’s significance in mitigating climate-related challenges, especially for nations facing vulnerabilities, the ministry official said. Muhammad Saleem also said, this milestone indeed marked just the onset of a collective effort, as the global community emphasizes the urgency of increasing contributions to the Loss and Damage Fund. While the initial pledges amount to a significant sum of USD 575 million, it is recognized that these contributions fall short in addressing the immense challenges faced by climate-vulnerable nations.

    The call to action resonates with the understanding that additional financial support is imperative to effectively mitigate and manage the aftermath of climate-related disasters. As the COP28 proceedings continue, nations are urged to further elevate their commitments to ensure the fund’s robustness in assisting those most affected by the impacts of climate change. As COP28’s inaugural session kicked kff today in Dubai, Pakistan reaffirmed its dedication to actively engaging and leading developing countries on this critical issue. “The country remains committed to collaborative efforts with the global community to ensure the effective implementation and utilization of the Loss and Damage Fund”, the ministry official stressed.

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