Prime Minister Shehbaz Sharif Friday reminded the world leaders of earlier commitments they made at the COP 27 Summit to rescue the developing nations from multi-disasters.
Taking to Twitter, the premier 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 polycrisis 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 in losses.
“The international community should deliver on the commitments they made at the COP 27 in Sharm al-Sheikh, including the operationalisation of Loss & Damage Fund on the principle of equity; provision of grants that don’t increase indebtedness of developing countries; enabling climate-vulnerable countries to access the Fund on the basis of a climate vulnerability index.”
