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Pakistan welcomes COP27 initiative for establishment of fund for climate-hit countries

01:18 PM | 20 Nov, 2022
Pakistan welcomes COP27 initiative for establishment of fund for climate-hit countries
Source: File Photo

ISLAMABAD – Pakistan Sunday hailed a UN climate summit's – COP27 – initiative to set up a "loss and damage" fund to help vulnerable countries.

Pakistan’s is one of the most-affected countries from climate change despite its minor contribution to emission of greenhouse gases.

The South Asian country has long been demanding compensation from top contributors of the greenhouse gases and the demand was pushed further this year when it was badly hit by record floods occurred due to climate change.

A two-week long UN summit is being held in Sharma Al Shaikh, Egypt, where the delegates from nearly 200 countries are gathered to discuss the climate issues.

In a major breakthrough, the COP27 on Saturday reached a breakthrough agreement on establishment of a fund to help poor countries affected by climate disasters and vulnerable to the adverse effects of climate change.

Representatives of nearly two hundred nations participating in the summit termed the agreement a step forward in the fight against climate change.

The COP27 draft agreement reaffirms to limit global warming to 1.5 degrees Celsius to prevent the worst effects of climate change.

Reacting to the development, Prime Minister Shehbaz Sharif said establishment of loss and damage fund at the UN climate summit is the first pivotal step towards the goal of climate justice.

Taking to Twitter, he wrote it is up to the transitional committee to build on the historic development.

The premier appreciated Minister for Climate Change Sherry Rehman and her team for their contribution and hard work.

Meanwhile, Sherry Rehman has termed the establishment of a loss and damage fund is an investment in climate justice.

Addressing the G77 meeting at COP27, Egypt, she said that the fund is a positive milestone in fight against climate change.

She hoped that developing countries will be provided technical assistance to avert and minimize the impact of climate change.   

She expressed concern over the lack of progress on the deficit and financing the formulation and implementation of national adaptation plans.

She said these are crucial tools for countries struggling to build resilience against climate stress.

Sherry Rehman reiterated that G77 and China will continue to support the climate change negotiation process in forging common ground for reclaiming our planet for our future generations.

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal – March 3, 2024

Pakistani rupee remains largely stable against USD and other currencies in the open market on March 3, 2024 (Sunday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.3 for buying and 282.45 for selling.

Euro currently stands at 302.5 for buying and 305.5 for selling while British Pound rate stands at 354 for buying, and 359 for selling.

UAE Dirham AED hovers at 76.3 whereas the Saudi Riyal saw slight increase, with new rates at 74.5.

Today’s currency exchange rates in Pakistan – March 3, 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar ‎USD 279.3 282.45
Euro EUR 302.5 305.5
UK Pound Sterling GBP 354 359
U.A.E Dirham AED 76.3 77
Saudi Riyal SAR 74.5 75.3
Australian Dollar AUD 181 183
Bahrain Dinar BHD 737.97 745.97
Canadian Dollar CAD 207 209.2
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.23 40.63
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 901.62 910.62
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 168.97 170.97
Norwegians Krone NOK 26.54 26.84
Omani Riyal OMR 725.68 733.68
Qatari Riyal ‎QAR 76.74 77.44
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.13 27.43
Swiss Franc CHF 314.07 316.57
Thai Bhat THB 7.74 7.89

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