(VOVWORLD) -Climate change is outpacing the capacity of developing nations to cope with its devastating impacts, Pakistani Prime Minister Shehbaz Sharif warned in his speech to the COP 27 summit taking place in Sharm El-Sheikh, Egypt.
 Illustrative image (Photo: Reuters) |
Pakistan’s floods caused an estimated 30 billion USD in damage, Sharif said, adding that Pakistan is suffering serious consequences even though it emits very little, while rich countries, who contribute a lot more to global warming, have failed to meet climate finance commitments.
It has been 12 years since COP15 participants pledged to pay 100 billion USD per year by 2020 to poorer countries. So far, this commitment has not been fully honored.
COP27 will discuss whether rich countries with large emissions should commit to additional financial support to cope with the inevitable impacts of global warming, including hurricanes, heat waves, and sea level rise.