FM proposes creation of separate loss & damage financing window by int’l financial institutions

Foreign Minister Bilawal Bhutto Zardari has proposed creation of a separate loss and damage financing window by the international financial institutions for generating an immediate response to climate induced natural disasters in the developing countries.

He was chairing a high level event on Loss and Damage: New and Additional Financing organized by Pakistan on the sidelines of the 77th UN General Assembly session in New York today.

The Foreign Minister emphasized that over the years, the developing countries have disproportionately suffered from the vagaries of climate change while contributing a miniscule amount to the Green House Gas Emissions. He expressed the hope that a decision would be reached for a financial mechanism to compensate developing countries for loss and damage.

In his remarks, Egyptian Foreign Minister Sameh Shoukry agreed that loss and damage is a reality that would need to be addressed at the upcoming Climate Change Conference.

Source: Radio Pakistan

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