Pakistan’s Minister for Climate Change, Sherry Rehman, has called on the international community to restructure the international financial system in order to address climate change adaptation and mitigation. Speaking at the Petersburg Climate Dialogue in Germany, Rehman stressed that the global financial infrastructure must be restructured to make climate finance accessible to developing countries.
Rehman highlighted the urgency of making the Climate Fund more accessible to developing countries, particularly those facing the maximum burden of environmental degradation. She noted that countries like Pakistan face challenges in securing the necessary climate funds to meet their environmental goals. According to the Standing Committee on Finance of the United Nations Framework Convention on Climate Change, 78 developing countries need $6 trillion dollars by 2030 to meet their financial needs under the Paris Agreement.
Rehman emphasized that Pakistan needs $348 billion dollars by 2030 to address the challenges of climate change. The country is already facing devastating impacts of climate change, including increased frequency and intensity of floods, droughts, and heat waves. These events not only harm people, but also impact agriculture, water resources, and infrastructure, further exacerbating poverty and inequality.
Rehman also emphasized the importance of climate justice, arguing that developed countries have a historical responsibility to support developing countries in their efforts to mitigate and adapt to climate change. She urged the international community to take action, noting that the climate crisis is not just an environmental issue, but also a humanitarian and social justice issue.
The call for restructuring the international financial system to address climate change is not new. Developing countries have long called for greater access to finance and technology to support their efforts to address climate change. The Paris Agreement, signed in 2015, includes a commitment by developed countries to mobilize $100 billion dollars annually by 2020 to support developing countries in their efforts to address climate change. However, this target has yet to be met, and there is growing recognition that greater support is needed.
Rehman’s call for action comes ahead of the upcoming United Nations Climate Change Conference (COP29) in Egypt later this year. The conference is seen as a critical moment for global action on climate change, with countries expected to agree on new commitments to reduce emissions and provide finance to support adaptation and mitigation efforts.