UNITED NATIONS: Pakistan has emphasized the urgent need to accelerate progress towards sustainable energy goals during a meeting of a UN-based panel focused on this issue.
Ambassador Munir Akram, in his closing remarks at the ‘Group of Friends for Sustainable Energy’ meeting, highlighted the critical role of concessional climate financing in facilitating developing countries’ transition away from fossil fuels.
He stressed that without concessional finance, achieving the set targets would be challenging for developing nations. Ambassador Akram reiterated that energy is central to both the 2030 Agenda for Sustainable Development and global climate objectives.
Emphasizing the necessity of a just and equitable energy transition, he noted the significant challenge of achieving an additional 1000 GW of renewable power annually to meet the 1.5-degree Celsius temperature target.
Ambassador Akram underlined the importance of promoting cleaner power generation, enhancing energy efficiency, and transforming energy infrastructure across various sectors. He also highlighted the substantial financing required for the transition to sustainable energy, citing the estimated USD 150 trillion investment needed by 2050 in transition technologies and infrastructure.
Addressing barriers to accessing private finance in developing countries, such as capacity and regulatory challenges, he proposed the establishment of a public-private entity under UN auspices to coordinate sustainable infrastructure investment. This entity would facilitate stakeholder collaboration, develop comprehensive plans, promote international frameworks, and assist in project identification and preparation.
Expressing Pakistan’s commitment to advancing this proposal, Ambassador Akram called for international support and announced plans for a second meeting of the Group of Friends of Sustainable Infrastructure Investment, co-chaired by Pakistan and South Africa.
Ambassador Akram urged collective action to increase investment in sustainable infrastructure and drive forward the global energy transition.
