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PM for provision of finances, support to developing countries to deal with climate change

ISLAMABAD: Caretaker Prime Minister Anwaar-ul-Haq Kakar has emphasized that the developing countries must be provided with finances, technology and capacity building support to deal with the issue of climate change.

Addressing a high level roundtable on Manner of Implementation-Global Stocktake in Dubai on Saturday, the Prime Minister said Climate Change is happening and we are witnessing it ourselves.

He said the critical concern for the developing countries like Pakistan is the recurring natural disasters and consequent adaptation needs in the impacted sectors of water, agriculture, urban resilience, natural capital and human health.

The Prime Minister stressed that finance is and will always be the key enabler for climate action. He pointed out that financial needs of developing countries are far more than the unfulfilled one hundred billion dollar pledge.

They need six trillion dollars by 2030. Adaptation needs alone are 387 billion dollar per year till 2030. With current adaptation finance estimated at around 21 billion dollar, there is a yawning gap, the Prime Minister said.

He said the developed countries should be obligated to urgently rectify shortfalls in their finance commitments under the Paris agreement.

He noted that unlocking scaled up and improved financial support will enable developing countries to contribute in bridging the implementation gaps in their mitigation and adaptation actions.

The Prime Minister said that developing countries must be provided with capacity building support to develop appropriate instruments and projects for mitigation and adaptation. He said it is time to harness the capacity of private sector for climate action.