Pakistan PM Calls for $6.8 Trillion in Climate Funding for Developing Nations by 2030 at COP29

Baku [Azerbaijan], November 13 – Pakistani Prime Minister Shehbaz Sharif has called for a substantial USD 6.8 trillion in climate financing for developing nations by 2030. Speaking at a climate finance roundtable hosted by Pakistan during the 29th UN Climate Change Conference (COP29), Sharif stressed the urgent need for resources to address climate challenges in vulnerable countries, The Express Tribune reported.

Sharif urged developed countries to meet their climate commitments, which have often been unmet, and to provide essential funding to help developing nations manage the adverse effects of climate change. “We need urgent climate finance to tackle the issues brought by environmental changes,” Sharif stated. “Developing countries require USD 6.8 trillion in financing by 2030 to effectively manage climate impacts.”

The Prime Minister also highlighted Pakistan’s struggle to recover from recent catastrophic floods, emphasizing the need for resource allocation aligned with UN climate goals. Sharif pointed out that while a target of USD 100 billion in annual climate finance was set back in 2009, the rapidly escalating climate crisis necessitates a significantly higher target.

During his visit to the conference, PM Sharif also participated in the World Leaders’ Climate Action Summit and engaged with leaders such as Azerbaijani President Ilham Aliyev and UN Secretary-General Antonio Guterres, who greeted him warmly. He had discussions with UAE President Sheikh Mohamed bin Zayed Al Nahyan and Turkish President Recep Tayyip Erdogan, focusing on international cooperation to address climate change.

Sharif also met with UK Prime Minister Keir Starmer to discuss strengthening Pakistan-UK relations and engaged with Uzbek President Shavkat Mirziyoyev and Tajikistan President Emomali Rahmon on efforts to protect regional glaciers and water resources. Additionally, he conversed with Nepalese President Ram Chandra Poudel and Bangladesh’s Chief Advisor Dr. Muhammad Yunus on the climate risks facing South Asia, including rising sea levels and forest conservation.

Prime Minister Sharif was accompanied by Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar and Romina Khurshid Alam, the Prime Minister’s Coordinator on Climate Change.