ISLAMABAD, Nov 20 (APP): Pakistan on Sunday hailed the decision of establishment of the ‘Loss and Damage’ Fund as a practical step towards climate justice being taken at the 27th meeting of the conference of the parties (COP-27) to help developing countries access to funding for making up with the damages fueled by climate catastrophes due to environmental degradation.
Pakistan in a statement, issued here, termed the breakthrough as great news for poor countries suffering from climate calamities.
The efforts made by Prime Minister Shehbaz Sharif has paid off as a global fund is established to compensate developing countries for climate damage, the statement added.
It further added that the forum of ‘COP-27’ wrote a new history whereas the world leaders including the Secretary General of the United Nations played an important role in achieving the long-standing goal for accelerating climate action.
Prime Minister Shehbaz Sharif, Foreign Minister Bilawal Bhutto Zardari, and Climate Change Minister Sherry Rehman raised their voices for climate justice at the regional and global level.
Through the ‘Loss and Damage’ Fund, financial assistance would be provided to countries suffering from floods and other climatic damages.
However, the flood victims in Pakistan would be greatly assisted in post-disaster rehabilitation and reconstruction.
Compared to the Paris Accord and Marshall Plan, the COP-27 has written history by taking practical steps
The COP-27 summit was held in Sharm El-Sheikh, Egypt from November 6-18.
Prime Minister Shehbaz Sharif attended the meeting on the special invitation of the conference and the President of Egypt
Prime Minister Shehbaz Sharif co-chaired the Round Table Conference on Climate Change on the topic of “Loss and Damage”.
Major part of Prime Minister Shahbaz Sharif’s address to the conference consisted of the damages of climate change and their redressal.
Prime Minister Shehbaz Sharif had emphasized on the international community to provide climate justice and established a ‘Loss and Damage Fund’. This fund would be a milestone in addressing the threats posed by climate change.
