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

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 establishment of loss & damage fund at the UN climate summit is the first pivotal step towards the goal of climate justice. It is up to the transitional committee to build on the historic development. I appreciate @sherryrehman & her team for their contribution & hard work.

— Shehbaz Sharif (@CMShehbaz) November 20, 2022

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.