KARACHI: Minister for Climate Change Senator Sherry Rehman on Wednesday called for international monetary commitments on loss, damage and adaptation due to climatic changes “to move faster than the speed of the glaciers melting in Pakistan”.

She was speaking at a high-level ministerial event on “Loss and Damage: From Intention to Action”, organised by the Pakistan government at the UNFCCC pavilion. The event was conducted with high-level panelists from all over the world.

Ms Rehman said: “By the time the funds come to us, our climate needs change faster than the pace of funds released. From disaster recovery to a resilient future, the missing link is financed and its dispersion, making sure that it reaches those who literally have to keep their heads above water.”

She added: “As we navigate the finish line of intense negotiations at COP27, one thing is clear: climate finance is now at the heart of the climate emergency, whether it is achieving the Paris Goal of 1.5C, or delivering on adaptation and resilience goals.”

She said the country required climate resilience funds that can be accessed with speed and scale. “Right now, all climate funding is very slow to access, nor is it available for the kind of rebuilding needed. The relief funds that came via a UN flash appeal were crucial for saving lives but they cannot help us rebuild,” she said.

Emphasising the urgency of climate finance needs, Mr Rehman said long-term climate financing instruments are needed to plug severe capacity deficits in the developing countries right now as the protracted periods of pipelining funds lose potency when resilience needs change faster than the speed of resource dispersion.

“What has happened in Pakistan will certainly not only stay in Pakistan,” she warned, and called for “long-term climate financing instruments” to plug severe capacity deficits in developing countries. “Financial pipelines must be created to facilitate swift transfer of funds to countries in the Global South that are reeling from climate shocks,” she said.

Published in Dawn, November 17th, 2022