ISLAMABAD: Minister for Climate Change Sherry Rehman has said developing countries like Pakistan need a global reset of the financial system to meet their growing climate resilience needs.

Ms Rehman met with a delegation led by Sultan Ahmed Al Jaber, the president-designate of COP28 and UAE Minis­­ter of Industry and Advanced Technology on Thursday.

She said under the leadership of the incoming COP28 president, “there is an opportunity to not just shift the wall of distrust that has been built around such negotiations but also to bridge the gap between the global north and south”.

Mr Jaber acknowledged Pakistan’s leadership in representing the global south during COP27, especially noting the establishment of Loss and Damage Fund, which enhanced the vulnerable countries’ stake in climate negotiation processes.

Sherry calls for bridging gap between global north and south

Highlighting the presidency’s vision for COP28, the UAE minister emphasised the importance of providing “an enabling environment and ample space” during the summit to steer the world back on the right track.

He pledged to introduce practical, pragmatic, and results-driven actions that encompass mitigation, adaptation, loss and damage, and finance.

The focus on finance was particularly emphasised, aiming to ensure its availability, accessibility, and affordability, especially for countries that require it.

The UAE minister emphasised the urgency for a transformative appro­ach of development banks and international financial institutions to meet the immense scale of the required funding.

Ms Rehman emphasised the need to bridge the gap between action and ambition, with specific priorities to reduce the growing gaps between the global north and south.

Published in Dawn, July 7th, 2023

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