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Islamabad, May 02, 2023 (PPI-OT):Minister for Climate Change Sherry Rehman has urged the international community to restructure international financial system to address climate change adaptation and mitigation. Speaking at the Petersburg Climate Dialogue in Germany, she said international financial infrastructure must be restructured to make climate finance accessible to developing countries.
Sherry Rehman said amid the rising climate crisis and vulnerabilities of impacted communities it is imperative for making the Climate Fund more accessible to developing countries bearing the maximum burden of environmental degradation. She added that developing countries like Pakistan face the challenge of securing the necessary climate funds to meet their environmental goals.
According to the Standing Committee on Finance of the United Nations Framework Convention on Climate Change, 78 developing countries need 6 trillion dollars by 2030 to meet their financial needs under the Paris Agreement. The minister said developed countries will receive 52 percent of climate finance in 2022 while developing countries will receive only 48 percent. Sherry Rehman said Pakistan needs 348 billion dollars by 2030 to address the challenges of climate change.
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