Climate crisis is outpacing the capacity of developing nations to cope with its devastating impacts, Pakistan's PM Shehbaz Sharif tells COP27, as his country reels from historic floods
"The current financing gap is too high to sustain any real recovery needs of those on the front lines of climate catastrophe," says PM Shehbaz Sharif at Sharm el Sheikh conference.
"The world is burning up faster than our capacity for recovery," Prime Minister Shehbaz Sharif warned on Tuesday in his speech before the summit in the Red Sea resort of Sharm el Sheikh. Talks at the UN climate conference in Egypt have been dominated by calls for wealthier nations to fulfil pledges to financially help poorer nations green their economies and build resilience.
The floods, which also swamped vast areas of key farmland, incurred damages exceeding $30 billion, according to the World Bank.Pakistan, already facing a cost-of-living crisis, a nose-diving rupee and dwindling foreign exchange reserves, saw inflation surge after the floods. A 12-year-old pledge made at COP15 to provide $100 billion a year to poorer countries by 2020 has still not been met and is $17 billion short.
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