Debt cannot become acceptable new normal in climate financing: PM Shehbaz

Addressing the difficulties faced by developing nations within the global climate finance system, Prime Minister Shehbaz Sharif stated on Tuesday that debt cannot become the “acceptable new normal” in climate financing.
His remarks took place at a Climate Finance Round Table Conference hosted by Pakistan on the fringes of the two-day World Leaders Climate Action Summit, or COP29, which is presently taking place in Baku, the capital of Azerbaijan.
PM Shehbaz stated, “We are at a critical juncture where the global climate finance framework needs to be redefined to effectively meet the needs of vulnerable nations.”
He clarified that loan funding drives developing countries into “mounting debt traps,” which he called “death traps,” and raises their debt.