The government is pushing for climate finance at the UN

LAHORE:

Pakistan has underlined the critical importance of accelerating progress towards sustainable energy goals at a meeting of a UN-based committee on the issue.

In his closing remarks at the meeting of the Group of Friends on Sustainable Energy, Ambassador Munir Akram also said that concessional climate finance is critical for developing countries’ transition from fossil fuels.

“Without concessional financing, developing countries would not be able to achieve the goals that have been set,” said the Pakistani envoy. “Energy is at the heart of both the 2030 Agenda and our climate goals,” he added.

Highlighting the central role of energy in both the 2030 Agenda for Sustainable Development and the global climate goals, Akram stressed the imperative for a just, orderly and equitable energy transition.

Reading UK HC pledges climate finance

Noting the magnitude of the challenge ahead, the Pakistani envoy said an additional 1000 GW of renewable energy per year is needed to meet the 1.5 degree Celsius temperature target.

He emphasized the importance of promoting cleaner electricity generation solutions, enhancing energy efficiency and transforming the energy infrastructure in all sectors.

Since current Nationally Determined Contributions (NDCs) fall short of the necessary emissions reductions, he said the transition to sustainable energy requires significant funding, pointing to “escalating” investment needs, including about $150 trillion in transition technologies and infrastructure by 2050. the need to address barriers to access to private finance, particularly in developing countries where capacity, regulatory frameworks and investment certainty remain challenges.

Proposing a comprehensive solution, Akram outlined a public-private entity under the auspices of the United Nations to coordinate sustainable infrastructure investment. This entity will convene stakeholders, develop comprehensive plans, promote internationally accepted frameworks, and assist in project identification and preparation.

Reaffirming Pakistan’s commitment to take this proposal forward, he called for support from the international community.

In this context, he announced plans for further processing through a second meeting of the Group of Friends of Sustainable Infrastructure Investments, co-chaired by Pakistan and South Africa.

In conclusion, the ambassador called for collective action to scale up investment in sustainable infrastructure and advance the global energy transition.

Published in The Express Tribune, March 21^St2024.

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