Tuesday February 07, 2023

‘Pakistan’s role vital in establishment of loss, damage fund’

By Our Correspondent
December 03, 2022

Islamabad:Pakistan played a pivotal role in the establishment of the ‘loss and damage’ fund, first by having it placed on the agenda of the COP27, and then pushing for a consensus agreement.

Environmental activists across the world are appreciating the role of Pakistan as Chair of the Group of 77 and China that galvanized support for the establishment of the Fund in COP 27 in Sharm el Sheikh.

The details showed that the issue of the ‘loss and damage' fund was on the agenda for the last twenty-three years but nothing was done to move ahead in this direction. Foreign Minister Bilawal Bhutto Zardari and Minister for Climate Change Senator Sherry Rehman put in their best efforts and mustered support from foreign countries to set up a ‘loss and damage’ fund that is being dubbed as a ‘game changer’, especially for those countries facing financial losses due to negative impacts of the climate change.

An official said, “ As a vice chair of COP27, Pakistan made hectic efforts for a ‘loss and damage’ financial mechanism that would force rich countries to financially help affected countries deal with the impact of climate change.”

“Some countries emit carbon and others face its negative impacts. Pakistan and other affected countries have been calling for loss and damage finance to recover from extreme weather events. Developing countries can face up to 580 billion dollars in annual climate costs by 2030,” he said.

It is pertinent to mention here that this summer’s monsoon rains and floods inundated one-third of Pakistan, destroying farmland, displacing millions of people, and killing nearly 2,000. Economic losses have been estimated at up to 40 billion dollars.

The official said, “Foreign Minister Bilawal Bhutto Zardari interacted with US Special Presidential Envoy for Climate John Kerry both in Egypt and over the phone and sought support for G77, and demanded the inclusion of financial arrangements to tackle loss and damage that led to a consensus agreement.”