FM Bilawal calls for early operationalisation of loss and damage fund

FM Bilawal calls for early operationalisation of loss and damage fund

New York (Web Desk): Foreign Minister (FM) Bilawal Bhutto Zardari has called for ensuring early operationalization of the Loss and Damage Fund and its adequate resourcing.

Addressing the concluding session of G77 Ministerial Conference in New York, he said we must mobilize massive investment in sustainable infrastructure.

FM Bilawal stressed on obtaining valuable solutions to problems of un-sustainable debt.

The foreign minister commended the United Nations (UN) Secretary General for proposing SDG Stimulus initiating Black Sea grain deal and calling for the reform in the international financial architecture.

FM Bilawal also expressed his deep appreciation to all the members of conference for their active participation and valuable contribution.

The foreign minister had arrived in New York on December 14 on a seven-day visit for meetings with the UN, high-level government officials, congressional leaders, Pakistani-American businessmen, and community members.

The loss and damage fund is an agreeable financial package for low- and middle-income countries (LMICs) severely impacted by global warming.

In November 2022, the COP27 summit of nearly 200 countries agreed to set up the fund to support poorer countries being ravaged by climate impacts, overcoming decades of resistance from wealthy nations whose historic emissions have fuelled climate change.