Foreign Minister of Pakistan Bilawal Bhutto Zardari said that Pakistan successfully introduced the ‘Loss and Damage’ fund under its chairmanship at the UN Climate Change Conference (COP-27) held last month in Egypt. He said that struggle for the introduction of such a fund had been going on for almost 30 years but it was Pakistan which successfully achieved the feat.

He added that the fund was introduced after finding common ground with the COP-27 members. Bilawal said that the developing world contributed much less in global greenhouse gas emissions and therefore should not be burdened with its negative financial costs. He continued, “developing countries have collectively stressed that the developed world should share the financial costs of climate change with them. We have led the G-77 countries in taking a collective decision for the establishment of the fund.”

He stressed the need to resolve issues by finding common ground with other developing countries, adding that the developing world needs to try and approach the developed world in a more practical manner to erect a collective defense against climate change. Bilawal further said that the global south and the global north have to work together. “Climate change knows no boundaries, does not care whether you’re rich or poor, whether you have contributed to climate change or not.” “Wherever we look, we see climate catastrophes catching up. So, we have to work together to address this issue,” he said.

Credit : Independent News Pakistan-WealthPk