Pakistan’s Foreign Minister, Bilawal Bhutto Zardari, explains in his article “Climate Justice Finally Arrives Through the New Global Loss and Damage Fund” how the new loss and damage fund established at the COP27 in Egypt helped developing countries.
The impacts of global warming have become more frequent and ferocious. Those who have contributed the least to rising temperatures are suffering the most. For 30 years, the most vulnerable countries have pressed for a fund to help them recover from climate disasters. Pakistan led developing countries in the subsequent negotiations at COP27 to press for creating the fund. The World Bank has estimated that Pakistan suffered damage amounting to more than $30 billion and will require at least $16.5 billion for urgent external support.
The decision at COP26, in Glasgow, to “at least double” climate finance for adaptation must be immediately fulfilled. At COP28 in the United Arab Emirates next year, we expect to establish a mechanism to measure and monitor financial flows for climate adaptation. Developed countries need to mobilize $100 billion annually in climate finance. Industrial countries have consumed two-thirds of the so-called “carbon budget” over the past 150 years. The remaining one-third of the budget is what developing countries will need to achieve Sustainable Development Goals. We will make a final push to advance the SDGs and climate goals at a ministerial conference in New York City in December.
