Big emitters must move to create formal mechanism to finance losses: Sherry

Big emitters must move to create formal mechanism to finance losses: Sherry
Big emitters must move to create formal mechanism to finance losses: Sherry

ISLAMABAD, Sep 22 (APP): Federal Minister for Climate Change Senator Sherry Rehman on Thursday said the big emitters must move to create a formal mechanism to finance losses at the next conference of parties (COP) as the developing countries would continue to experience loss and damage.

Speaking at the 2nd Climate and Development Ministerial Meeting in New York, the minister said, “Pakistan is on the frontlines of a climate precipice that is not waiting for anyone. Our vulnerability to climate change is extremely high, despite having less than 1% share in the global GHG emissions.”

She said expectations also include the burden of emissions to be shared equitably, not equally, let alone disproportionately, which is the case right now. What is needed given today’s pace of change is a tripling of the climate financing targets of $100bn, and not double-counting these as overseas development assistance, but actualized, transparent, agile resource transfers, said a statement received here.

Talking about the flood disaster, Sherry Rehman warned that the flood crisis will last for months and already water-borne diseases are causing havoc in the country. With more than 1500 dead and 12,860 injured, health camps only in the flood-hit areas in Sindh received 78,000 patients in the last 24-hours with some places still inundated in several feet of floodwater.

She said the monster flooding did not happen by chance as the attribution studies and scientific modeling show that the world, especially the Global South, will see another year of weather disasters that destroy homes, ruin crops and threaten lives. Decisions that impact real lives and people left behind have to be accelerated beyond discussion.

Focusing on Pakistan’s future climate actions, the minister said Pakistan stands by its pledges for reducing emissions and seek the support for making a transition to renewable energy but none of that will matter if the big emitters don’t stop.

Developing countries will continue to pay the social and economic costs even if the most vulnerable 1% low emitters like Pakistan, go green. High fossil fuel emissions are causing the planet to burn up, she added.

Sherry Rehman said today, countries nearer the equator unjustly face the brunt of climate disruption. We have not caused the big shifts in warming, but we continue to pay in humanitarian disasters like glacial melting, floods, droughts and heat waves crossing 53 C.

She said, “We see plans for financing adaptation at the UNGA but countries like mine, now, want to see tangible pipelines for resources for humanitarian crises induced by climate change. COP27 must capitalize the adaptation fund and also introduce agility and speed in countries that need to build resilience. Simplified, long-term climate financing instruments are needed to plug severe capacity deficits in the developing countries right now as the protracted periods of pipelining funds lose potency when resilience needs change faster than the speed of resource dispersion.”