PM Shehbaz Says Loans Are Not the Solution, Urges International Community
UNITED NATIONS: Prime Minister Shehbaz Sharif on Thursday called on the international community to honour its climate finance commitments, stressing that debt-driven solutions are unsustainable for vulnerable nations like Pakistan that are on the frontlines of the climate crisis.
“Loans over loans, adding to loans is not a solution,” the prime minister said while addressing the Special Climate Event convened by UN Secretary-General António Guterres and the President of Brazil, the COP-30 host. The event urged member states to present updated Nationally Determined Contributions (NDCs) with targets for 2035.
Reaffirming Pakistan’s commitment to being part of the global climate solution, PM Shehbaz said the world must deliver on its climate pledges for the sake of future generations. He reminded global leaders that Pakistan was still reeling from the devastating 2022 floods, which caused over $30 billion in damages and displaced millions.
“This year alone, intense monsoon rains, cloudbursts, flash floods, and urban inundation have affected over five million people, destroyed 4,100 villages, and claimed more than 1,000 lives,” he said.
Despite contributing little to global greenhouse gas emissions, Pakistan suffers disproportionately from climate disasters. “We face consequences far beyond our share,” the premier said.
Highlighting Pakistan’s progress, PM Shehbaz noted that in its 2021 NDC, the country committed to an unconditional 15% reduction in projected greenhouse gas emissions by 2030, a pledge that has already been met. “Renewables are presently providing over 32% of Pakistan’s power mix, with solar energy growing sevenfold since 2021,” he added.
He also pointed to Pakistan’s nature-based restoration projects, including the rehabilitation of 23,000 hectares of mangroves. However, he warned that implementing Pakistan’s National Adaptation Plan remains severely hindered by the lack of adequate international climate finance.
The prime minister announced new commitments, including raising the share of renewables and hydropower to 62% of Pakistan’s energy mix by 2035, expanding nuclear energy capacity by 1,200 MW by 2030, and shifting 30% of transport to cleaner mobility with 3,000 charging stations nationwide. He also vowed to scale up climate-smart agriculture, strengthen water security, and accelerate the planting of 1 billion trees.
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