ISLAMABAD: Pakistan on Sunday welcomed the COP27’s decision to establish a ‘Loss and Damage Fund’ to address the losses and damages caused by disasters due to climate change and demanded early operationalization of the fund to bridge a major gap in the climate finance architecture.
In a statement, the foreign office spokesperson stated that the decision taken in consensus by the COP27 in Sharm El-Sheikh (Egypt) was a great achievement, especially for China and the Group of 77. The spokesperson said that the developing countries have been demanding such a fund for the past 30 years.
Climate-Induced Floods in Pakistan Cause US$ 30 Billion Losses
The spokesperson said that the catastrophic climate change-induced flash floods in Pakistan in July this year resulted in losses and damages of over US$ 30 billion refocused global attention on this important problem.
“As Chair of the Group of 77 and China, Pakistan galvanized support for the establishment of Fund in COP27 in Egypt, by placing it on the Agenda of the Summit, and making efforts for anagreement in consensus with all the participants.”
Loss and Damage Fund” to Address Damages and Losses in Developing Countries
The proposed “Loss and Damage Fund” will address damages and losses caused by climate change in third-world countries, including Pakistan. These countries were especially vulnerable to the negative effects of Climate Change catastrophes.
Pakistan also lauded the COP27 Presidency by Egypt, especially Sameh Shoukry, the Foreign Minister of Egypt, and Simon Stiell, the Executive Secretary of UNFCCC, for the great breakthrough.
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