Prime Minister Shehbaz Sharif, addressing the global community at the “World Leaders’ Climate Action Summit” during the 29th Conference of the Parties to the UN Framework Convention on Climate Change (COP29), emphasized the urgent need for grant-based climate finance to avoid increasing the debt burden on developing nations.

In his speech, the Prime Minister urged the fulfillment of financial commitments made at previous climate conferences, including COP27, COP28, and the Paris Agreement from a decade ago. He stressed that climate finance should be grant-based, highlighting the failure to curb emissions and global warming since the Paris pledges.

Prime Minister Sharif underscored the severe impacts of climate change already experienced by countries like Pakistan, referencing the devastating 2022 floods that left millions homeless, destroyed crops, and resulted in nearly 1,700 deaths, with economic losses estimated at $30 billion. He pointed out that Pakistan contributes only half a percent to global emissions yet remains one of the most vulnerable nations to climate-related disasters.

“Without climate justice, there can be no real resilience,” he stated, expressing his hope that other countries would not face similar catastrophes. He reaffirmed Pakistan’s commitment to global climate solutions, highlighting the country’s efforts to produce 60% of its energy from clean sources and transition 30% of vehicles to electric by the end of the decade. He also mentioned the introduction of a comprehensive National Adaptation Plan and a National Carbon Market Framework.

However, the Prime Minister emphasized that Pakistan cannot achieve these goals alone and requires international support. He noted that developing countries will need an estimated $6.8 trillion by 2030 to meet at least half of their Nationally Determined Contributions (NDCs). He called for COP29 to be a transformative “Finance COP” that restores confidence in scaling up climate finance.

Concluding his address, Prime Minister Sharif reiterated the urgency of taking swift action against climate change, warning that future generations would not forgive inaction. “We know the causes. We know the solutions. Now, we must find the courage to act and act swiftly,” he urged.