Sherry makes case for equitable climate financing to address crisis

Published July 30, 2022
Minister for Climate Change Senator Sherry Rehman speaks at the launch of the Climate Finance Accelerator (CFA) programme on Friday. — PID
Minister for Climate Change Senator Sherry Rehman speaks at the launch of the Climate Finance Accelerator (CFA) programme on Friday. — PID

ISLAMABAD: Minister for Climate Change Senator Sherry Rehman on Friday said as chair of G77+China, Pakistan would ensure that climate financial justice and losses were at the core of all multilateral negotiations at this year’s COP-27.

Senator Rehman was speaking at the launch of the Climate Finance Accelerator (CFA) programme by DAI Pakistan as the chief guest. The event was organised to provide a platform to discuss the future road map for the programme.

During her speech, Senator Rehman reiterated the urgent need for equitable and just climate financing to address the current climate crisis.

Highlighting the climate catastrophe that Pakistan was experiencing, the minister said: “Climate change is a poster child for knowing no borders or timelines. Burning fossil fuels in one country impact a whole chain of small emitters near the equator in ways that multiply disaster outcomes for the vulnerable. There have been so many tragic monsoon casualties this month alone in Pakistan, and the weather cannot be in anyone’s control, only our responses can be optimised better.”

The world, particularly South Asia, was experiencing unprecedented climate events, with Europe and the United States experiencing extreme temperatures, she said, adding those are still 10 degrees less than what we have been enduring here.

In terms of global collective action, though, we are all moving at glacial speeds even with the crisis knocking at our doors. There is a commitment gap for all societies and a huge fault line between commitments and their actualisation. Pakistan alone needs $101 Billion for a smooth energy transition.

The Climate Finance Accelerator (CFA) programme was a four-year programme funded by the United Kingdom Department of Business, Energy and Industrial Strategy (BEIS). The CFA works with eight middle-income countries to help them achieve their national climate plans and Nationally Determined Contributions (NDCs).

Development director of British High Commission, Annabel Gerry said: “The Climate Finance Accelerator will build partnerships between projects, the financial community, and policymakers to help low carbon projects looking for investment. The launch of CFA Pakistan underlines the UK’s firm commitment to supporting the effort to fight climate change in Pakistan.”

CFA Pakistan’s project director from DAI, Eldana Djumalieva said: “Pakistan is amongst the top 10 countries in the world most affected by climate change. Climate action is a pressing need in Pakistan.”

Published in Dawn, July 30th, 2022

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