ISLAMABAD: While welcoming the establishment of damage and loss fund to compensate the losses of poor countries affected by climate change in the COP 27 conference, Prime Minister Shehbaz Sharif has stated that it is first step towards environmental justice.

The PM’s Office in a statement said prime minister described it great news for the poor countries suffering from climate catastrophe. He added that the COP -27’ has written a new history following an importance role played by the world leaders including the Secretary General of the United Nations.

The establishment of the ‘damage and Loss’ fund is a practical step towards climate justice because through the fund, financial assistance would be provided to countries suffering from floods and other climatic related losses. The prime minister said it would help rehabilitation and reconstruction of flood victims in Pakistan. Unlike Paris accord and green marshal plan, COP-27 has taken a practical step thereby making a history.

COP27 summit strikes historic deal to fund climate damages

The COP-27 summit held in Sharm el-Sheikh, Egypt on November 7-8 was attended by the Prime Minister Shehbaz Sharif on the special invitation of the conference and the President of Egypt and co-chaired the round table conference on climate change on the topic of “damage and loss”. The Prime Minister’s Office added that major part of the Shahbaz Sharif’s address to the conference was on the damages of climate change and their redressal.

Prime Minister Shehbaz Sharif had urged the international community to provide climate justice and establish a damage and loss Fund, the PM’s Office added.

Copyright Business Recorder, 2022