‘Loans on Loans are not Solution to Climate Change,’ PM Shehbaz tells UN Summit

Loans On Loans Are Not Solution To Climate Change Pm Shehbaz Tells Un Summit

NEW YORK Prime Minister Shehbaz Sharif lashed out at international community for failing to deliver on climate finance promises, declaring that debt-driven solutions cannot rescue vulnerable countries like Pakistan from climate catastrophe.

In his address at the United Nations, Sharif said “loans upon loans are not a solution,” saying Islamabad is committed to being part of the global solution, but warned that without genuine financial support, the survival of future generations is at stake.

The premier painted a grim picture of the country’s plight, and reminded delegates the scars of the 2022 super floods. which inflicted over $30 billion in losses and displaced millions, are still raw. This year, relentless monsoons, cloudbursts, and urban flooding have ravaged the country again, affecting more than five million people, wiping out 4,100 villages, and claiming over 1,000 lives.

“Despite contributing almost nothing to global greenhouse emissions, we face consequences far beyond our share,” Sharif said, noting that Pakistan has already lived up to its climate pledges. He pointed out that Pakistan has fulfilled its unconditional target of a 15% emissions cut by 2030, with renewable energy now making up 32% of the power mix and solar capacity soaring sevenfold since 2021.

Loans On Loans Are Not Solution To Climate Change Pm Shehbaz Tells Un Summit

He also delivered stern warning, saying Pakistan’s ambitious national adaptation plan is being “crippled” by lack of international climate finance. He then laid out bold future targets, raising renewables and hydropower to 62% of the energy mix by 2035, expanding nuclear capacity by 1,200 MW by 2030, shifting 30% of transport to clean mobility, installing 3,000 charging stations nationwide, introducing climate-smart agriculture, ensuring water security, and planting one billion trees.

UN Secretary-General António Guterres backed Sharif’s concerns with an urgent call of his own. He insisted that the world still has a narrow window to keep global warming under 1.5°C this century, but only with aggressive new action.

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