In his National Statement at the 28th Conference of Parties of the United Nations (COP28) in Dubai, Prime Minister Kakar emphasized the need for equitable climate financing and urged developed countries to take the lead in raising global mitigation ambition.

PM Kakar stressed that climate financing should not come at the expense of development finance or further burden the already high debt of developing countries. He called for developed countries to provide financial support and technology transfer to help developing countries tackle the growing challenge of climate change.

Highlighting the urgency of the situation, PM Kakar mentioned that Pakistan experienced super floods last year and is projected to have the hottest year on record this year. He stated that climate justice demanded developed countries to enable developing nations to achieve the Sustainable Development Goals while contributing to climate objectives.

At COP26 in Glasgow, Pakistan increased its ambitions by presenting revised Nationally Determined Contributions with a target of a 60% reduction in projected emissions by 2030. This year, the country presented a comprehensive national adaptation plan and launched the innovative Living Indus Initiative, which promotes care for climate and nature.

PM Kakar also emphasized the importance of bridging the gap in climate adaptation and called for the adequate mobilization of finances to meet the adaptation needs of developing countries. He cited the “yawning gap” between pledged finances and the financial needs of developing nations, amounting to more than $100 billion. The creation of a Loss and Damage fund at the COP28 summit, with over $400 million pledged, was welcomed by countries facing natural disasters.

The prime minister called for strengthened effectiveness of the technology mechanism, better capacity-building support, and reform of the international financial architecture to address the needs of developing countries. He also highlighted the role of the private sector in climate actions and urged the UN system to assist developing countries in developing bankable projects, particularly sustainable infrastructure projects.

PM Kakar expressed hope for an ambitious outcome at COP28 that addresses the means of implementation in an equitable and responsive manner to the needs of developing countries.