PM Shehbaz builds case for climate finance at UAE summit – Pakistan

• Premier says transition to clean energy requires $100bn, terms energy security and sustainability ‘a national priority’
• Claims govt adopting eco-friendly agriculture, enhancing water conservation capacities
• Meets rulers of Abu Dhabi and Dubai, other world leaders

ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday presented Pakistan’s case for climate finance at the World Governments Summit in the United Arab Emirates, urging multilateral institutions to support emerging economies like Pakistan in achieving sustainable economic growth.

He made these remarks in an address at the summit before coming back to the country following a two-day official visit to the UAE. In his address, the premier asked the international community to strengthen climate financing and technology sharing and also invited the private sector to explore untapped green energy and infrastructure opportunities in the country.

He said the global shift to a green economy required shared responsibility, adding that Pakistan was fully committed to mobilising its domestic resources and policy reforms which required international support. “Pak­is­tan’s energy transition alone dem­ands $100 billion in investment,” he said.

He said Pakistan’s economy was recovering despite huge challenges. “Pakistan stands at the defining moment of economic transformation. The headline inflation has dropped to 2.4 per cent in January this year, the lowest in the last nine years, with interest rate capped at 12 per cent,” he added.

The PM said energy security and sustainability were a national priority, as Pakistan was committed to producing 60 per cent of the clean energy mix by 2030 and converting 30 per cent of all its vehicles into electric vehicles.

The prime minister said the government was rapidly scaling up solar, wind, and nuclear energy generation. Pakistan’s southern region held 50,000 MW of untapped wind energy potential while the northern hydro projects would add 30,000 MW of clean energy capacity, he added.

“Solar energy adoption has been accelerated through policy reforms, tax exemption and incentive for investments, net metering and waving of custom duties on solar panels and other equipment,” he added.

He said the government was also simplifying business regulations, enhancing legal protection, and streamlining approval mechanisms to make Pakistan a leading destination for global capital.

“Pakistan is embracing eco-friendly agriculture innovation under the umbrella of the [national] adaptation policy of 2023 to enhance productivity and food security and strengthen our rural economy,” he added. He said the government was also enhancing water efficiency through drip irrigation, modern farming, drought-resistance crops, and water storage to restore the depleting reservoirs.

The government was also incentivising agri-innovation by deploying solar-powered systems and climate-smart sensors to monitor soil and weather conditions to modernise the farming system, he added.

The PM said 1,000 Pakistani agriculture graduates were being sent to China for training in modern agriculture techniques.

“Pakistan stands at the threshold of new era that prioritised infrastructure advancements, economic diversification and human development. The future is not something we passively inherited; rather it is something we actively shaped. Let this summit, herald a dawn of the global peace, sustainable and prosperous future for all,” he added.

Referring to Gaza, he said this gathering was being held at a time when the region began to recover from the tumultuous aftershocks of the tragic conflict in Gaza which claimed the lives of over 50,000 innocent Palestinians, adding it was hoped that the genocidal drive would be followed by the lasting peace. He said Pakistan believed that a durable peace was only possible through a two-state solution in accordance with the relevant UN resolutions.

PM meets world leaders

On the sidelines of the summit, the premier met UAE President and Abu Dhabi ruler Sheikh Mohamed bin Zayed Al Nahyan, UAE Vice President and Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum, Sri Lankan President Anura Kumara Dissanayake, Bosnia and Herzegovina Presidency Chairperson Zeljka Cvijanovic, and DP World CEO Sultan Ahmed bin Sulayem.

In his meeting with the UAE president, held at Qasr Al Shati, the premier discussed bilateral trade and economic cooperation as well as recent developments in the Middle East, APP reported. The meeting focused on economic, trade, and development fields alongside other areas for sustainable economic growth.

The meeting provided an opportunity to address the significance of the World Governments Summit in identifying global trends in governance and presenting actionable strategies to enhance government preparedness in navigating global transformations.

Chief of Army Staff General Asim Munir was also present at the meeting.

According to PM Office, PM Shehbaz also met the UAE vice president and appreciated Dubai’s remarkable progress as a global hub for business and innovation.

He welcomed the enhanced collaboration in artificial intelligence and climate resilience initiatives. Both leaders agreed to continue high-level engagements to boost bilateral ties and explore new avenues for economic and strategic collaboration.

Published in Dawn, February 12th, 2025