Prime Minister Shehbaz Sharif on Tuesday said that debt cannot become the “acceptable new normal” in climate financing, as he addressed the challenges faced by developing countries within the global climate finance framework.

His statement came during a Climate Finance Round Table Conference organised by Pakistan on the sidelines of the two-day World Leaders Climate Action Summit, also known as COP29, currently being held in Azerbaijan’s capital of Baku.

“We stand at a crucial threshold where global climate finance framework must be redefined to effectively meet the needs of vulnerable nations,” PM Shehbaz said.

He explained that financing in the form of loans increases the debt of developing nations and pushes them towards “mounting debt traps” which he referred to as “death traps”.

He added, “Debt cannot become the acceptable new normal in climate financing which is why we must resume focus on non-debt financing solutions enabling countries to fund climate initiatives.”

“Despite years of promises and commitments, the gaps are growing, leading to aggregate barriers in achieving objectives of the UN Framework Convention on Climate Change (UNFCCC).”

PM Shehbaz called climate financing an “urgent need of the hour”, stating that developing countries need to deliver Nationally Determined Contributions (NDCs) and “need an estimated $6.8 trillion by 2030 to implement less than half of their current NDCs.”

The prime minister further urged donor countries to “fulfil their commitment” which is 4.7 per cent of their gross national product (GNP) and capitalise on existing climate funds.

“One such commitment is a $100bn annual climate pledge established a decade ago at COP15 [which] is now reported by OECD to have reached only $160bn,” he said.

PM Shehbaz said that Pakistan can relate to the “agony and pain of other vulnerable countries”, highlighting how the country faced two devastating floods.

“In 2022, one-third of Pakistan was under water and the country had to repurpose all development and climate funds for financing basic relief and humanitarian efforts,” he said.

Pakistan is ranked among the top 10 most climate-vulnerable countries, according to the Global Climate Risk Index 2021. It has faced increasingly frequent and severe weather events, such as unprecedented floods, intense monsoon rains, devastating heat waves, rapid glacial melting and glacial lake outburst floods.

Pakistan witnessed devastating floods during the 2022 monsoon season, induced by climate change, resulting in the loss of at least 1,700 lives.

With 33 million people affected and swathes of agricultural land washed away, the damage incurred losses worth $30 billion, according to government estimates.

In June 2024, a heat wave brought record-high temperatures, severely impacting public health and agriculture.

While emphasising transparency and coordination in financial commitments made to developing countries, he stated that Pakistan alongside other developing countries, calls for stronger more equitable climate finance mechanisms under the UNFCCC.

He reiterated the pertinent need for reform of international financial architecture saying that “now is the time to build up on the momentum for international financial reforms” so that no nation is left behind in the global response to climate change.

PM to highlight ‘balanced and ambitious’ climate action

According to the Foreign Office, several high-level events and roundtable discussions hosted by Pakistan will also take place at the Pakistan Pavilion during COP29.

It added that at COP29, Pakistan will call for “balanced and ambitious progress on all issues such as loss and damage, adaptation, mitigation and means of implementation”.

“It will seek predictable financing to address developing countries’ climate goals. Pakistan will also underscore the historical responsibility and the principle of Equity and Common but Differentiated Responsibility and call on developed nations to undertake deeper emission cuts.”

PM Shehbaz was warmly received by Azerbaijan President Ilham Aliyev and UN Secretary-General António Guterres upon his arrival at the summit venue today, state-run Radio Pakistan reported.

The first day of the Climate Action Summit will feature statements from various heads of states, beginning from 3pm Pakistan time.

Speakers include the United Kingdom’s PM Keir Starmer, Saudi Arabia’s Crown Prince Mohammed bin Salman, Turkiye President Recep Tayyip Erdoğan and Ukraine President Volodymyr Zelenskyy.

Among those scheduled to address the high-level meeting tomorrow, besides PM Shehbaz, are Bangladesh leader Muhammad Yunus and Russia’s PM Mikhail Mishustin.

PM Shehbaz is listed as the 37th speaker out of 47 leaders during the session scheduled from 10am to 6pm (Pakistan time).

The prime minister will also participate in a high-level event ‘Glaciers 2025: Actions for Glaciers’ organised by Tajikistan President Emomali Rahmon on the protection of glaciers.

PM Shehbaz will also hold separate meetings with the prime ministers of Denmark and the Czech Republic, who are also attending COP-29, Radio Pakistan stated.

PM meets world leaders

On the sidelines of COP29, PM Shehbaz interacted with UAE President Sheikh Mohammed bin Zayed Al Nahyan and discussed cooperation on climate change and matters of mutual interest, Radio Pakistan reported.

The premier also met with PM Starmer, where the two discussed enhancing Pakistan-UK cooperation.

He also met with Turkish President Recep Tayyip Erdogan and his wife Emine Erdogan, where they discussed environmental pollution as well as matters of mutual interest between the two friendly nations, the report added.

In his interactions with Nepal’s President Ramchandra Paudel and Bangladesh’s Yunus, PM Shehbaz discussed growing temperatures, the threat of rising sea levels, and forest conservation in South Asia.

Kazakhstan President Kassym-Jomart Tokayev and PM Shehbaz explored strengthening bilateral relations as well as expanding regional connectivity.

In his meetings with Uzbekistan President Shavkat Mirziyoyev and Tajikistan’s Rahmon, the leaders spoke about the conservation of glaciers and water resources in Central Asian countries and Pakistan.

They also exchanged views on expanding communication links among Pakistan, Tajikistan and Uzbekistan, Radio Pakistan highlighted.

World leaders meet for climate talks, but big names missing

Dozens of world leaders convene in Azerbaijan for COP29 but many big names are skipping the UN climate talks where the impact of Donald Trump’s election victory is keenly felt.

UK’s Starmer will unveil an “ambitious” update to the UK’s climate goals later today, and said he wanted his country “to show leadership on the climate challenge.”

Joe Biden, Xi Jinping, Narendra Modi and Emmanuel Macron are among G20 leaders missing the event, where uncertainty over future US unity on climate action hung over the opening day.

“It’s not an ideal situation,” acknowledged Steven Guilbeault, Canada’s environment minister. “But in 30 years of COP, it’s not the first time that we’ve faced obstacles,” he told AFP.

“Certainly, everything is still possible.”

Washington’s top climate envoy John Podesta is seeking to reassure countries in Baku that Trump’s re-election will not end US efforts on global warming, even if the issue will be “on the back burner”.

But despite calls for global cooperation, the opening day got off to a rocky start, with feuds over the official agenda delaying by hours the start of formal proceedings in the stadium venue near the Caspian Sea.

“This will be a tough COP,” said Fernanda Carvalho, global climate and energy policy lead at WWF.

“Countries are divided. There is a lack of trust,” she told AFP, and divisions over climate finance “will be reflected in every room of those negotiations.”

TEHRAN: Iranian bank cards can now be used in Russia, state television reported, as the two countries linked their banking systems in the latest bid to counteract sanctions.

Iranian banks have been excluded since 2018 from the SWIFT international financial messaging service, which governs the vast majority of transactions worldwide.

The move is part of a raft of sanctions that were re-imposed on Iran after the United States withdrew from a landmark 2015 nuclear deal.

Iranian bank cards can now be used in Russia, state television channel IRINN said on Monday, showing the withdrawal of money using an Iranian bank card from an ATM in Russia.

Iranians can now use their cards in Russia to pay for in-store purchases

The operation was made possible by connecting Iran’s interbank network Shetab to its Russian equivalent Mir, the channel said.

Iranians can currently withdraw money in Russia, and will in the future be able to use their cards to pay for in-store purchases, it added.

“The plan is also going to be implemented in other countries that have a wide range of financial and social interactions with Iran, for example Iraq, Afghanistan and Turkiye,” it said.

Both Iran and Russia have sought to counteract the effects of sanctions on their economies.

Since the start of Russia’s invasion of Ukraine in 2022, Moscow has faced mounting sanctions, and its ties with Tehran have grown closer in parallel.

Ukraine and its Western allies have since the start of the conflict accused Iran of supplying Russia with both drones and missiles for use in the war.

Tehran and Moscow signed an agreement in June to strengthen their cooperation in the banking sector.

In the future, Russians will also be able to use their bank cards in Iran, IRINN said, without specifying when.

Russia has been pushing for the creation of an international payment platform as an alternative to the SWIFT service, from which key Russian banks have also been excluded since 2022.

Published in Dawn, November 13th, 2024

manual lift maintenance check list

12c financial calculator manual

4250 maintenance kit part number

alm performance center installation guide

10bii financial calculator user manual

81134a performance verification user guide

to write a franchise operations manual

10bii financial calculator quick reference guide

1010 printer maintenance

12c financial calculator user guide

advanced accounting solution manual

alm performance center guide

advanced accounting 10e test bank

2560p maintenance and service guide

advanced accounting 11e chapter 1 solutions

bladesystem c7000 enclosure maintenance and service guide

4250 maintenance kit instructions

turn off maintenance message on volvo xc90 code 045

bladesystem c7000 enclosure maintenance and service guide 2009

The proposed program will support the enhancement of Pakistan's resilience to disasters triggered by natural hazards and the impacts of climate change. Through an integrated approach, the program will support (i) strengthened institutional capacity for strategy, planning, and response; (ii) increased investment in disaster risk reduction (DRR) and climate resilience; and (iii) enhanced disaster risk financing (DRF) using a risk-layered approach.

The project is closely aligned with (i) ADB's Strategy 2030's operational priorities on gender equality, environment, climate resilience and disaster risk management, rural development and food security, and institutional strengthening; (ii) Sustainable Development Goals on economic growth, social inclusion and environmental protection; and (iii) ADB's Water Sector Directional Guide that aims for poverty reduction, gender equality, climate resilience, food security, and capacity building.

In the Laguna area, the government has prioritized improvement of public transport and is developing the South Commuter Rail Project, connecting Manila and Calamba. The government also released the Public Utility Vehicle Modernization Program in 2017 to improve the efficiency of road-based public transport operations, and started to establish bus terminals, such as the Paranaque Integrated Terminal Exchange, for more efficient and convenient bus operations.

The proposed Enhancing Climate Resilience and Food Security Project will support Maldives' efforts to build climate resilience focusing on the interlinkages between human settlement and agri-food systems. It will enhance the country's adaptation capacity in line with Maldives Climate Change Policy Framework (MCCPF) and Nationally Determined Contribution (NDC).

This brief shows how mainstreaming blue finance hinges on developing a solid regulatory framework that drives investment toward bankable marine-based projects and analyzes how to expand the sector in the People’s Republic of China (PRC).

This report outlines the cascading environmental, social, and economic impacts of aquatic biodiversity loss in Southeast Asia and recommends ways to develop scalable projects that tackle river pollution and support sustainable development.

The project will be aligned with the following impacts: (i) modern public health service system ensuring well-being of all Thais in an effective, fair, sufficient, and sustainable manner developed; and (ii) UHC, including access to essential health care services, sustained. The outcome is: access to quality public hospital services by all in selected provinces improved.

The proposed program is a large-scale transformative and integrated initiative addressing the constraints. It aims to bridge the financing, capacity, institutional, and technical gaps in implementing the NAP and adaptation measures mentioned in the NDC and GRID while promoting mitigation, biodiversity, air pollution, and food security as co-benefits.

Fossils in rocks that are 3.8 billion years old have puzzled biologists as they look nothing like modern cells, but now it seems they may be an ancient precursor life form that was unable to control its structure

Musing on John Lewis-Stempel's latest book, England: A natural history, James McConnachie marks the flowering of other, more diverse voices in nature writing

Evolutionary molecular biologist Beth Shapiro on the hunt for ancient DNA and her groundbreaking de-extinction and environmental mission  

People don't realise just how bad our antibiotic resistance problem is, says Jeanne Marrazzo, the top infectious disease specialist in the US

Devices that let people with paralysis walk and talk are rapidly improving. Some see a future in which we alter memories and download skills – but major challenges remain

Snoring is often viewed as harmless, at least to the snorer, but we are now uncovering its potentially serious effects on cardiovascular health. And finding ways to stop is surprisingly challenging

Discoveries from the genomes of the last Neanderthals are rewriting the story of how our own species came to replace them

Cases of prostate cancer are surging alarmingly around the world. Thankfully, we are developing more accurate tests that can catch the condition early

Netflix’s Ancient Apocalypse peddles the idea that we have overlooked an extraordinary ancient civilisation. Flint Dibble explains why that is wrong, and why real archaeology is more exciting

Diets that claim to control excess oestrogen or stress hormones are all the rage on Instagram and TikTok. They could be good for us, just not for the reasons claimed