Pakistan has emphasized the urgent need to accelerate progress towards sustainable energy goals during a meeting of a United Nations-based panel focused on this issue.
In his closing statements at the ‘Group of Friends for Sustainable Energy’ meeting, Ambassador Munir Akram highlighted the critical role of concessional climate financing in facilitating the transition of developing countries away from fossil fuels.
Akram stressed that without concessional finance, developing nations would struggle to meet established targets, emphasizing that energy is crucial to both the 2030 Agenda for Sustainable Development and climate objectives.
Acknowledging the significant challenge ahead, the Pakistani envoy noted that an additional 1000 GW of renewable power annually is required to meet the 1.5-degree Celsius temperature target. He emphasized the need to promote cleaner power generation, enhance energy efficiency, and transform energy infrastructure across various sectors.
With current Nationally Determined Contributions (NDCs) falling short of necessary emissions reductions, Akram highlighted the substantial financing required for transitioning to sustainable energy, citing the significant investment needs estimated at around $150 trillion in transition technologies and infrastructure by 2050. He underscored the importance of addressing barriers to accessing private finance, particularly in developing countries where capacity, regulatory frameworks, and investment certainty pose challenges.
Akram proposed a comprehensive solution, suggesting the establishment of a public-private entity under the United Nations to coordinate sustainable infrastructure investment. This entity would facilitate stakeholder engagement, formulate comprehensive plans, promote internationally accepted frameworks, and assist in project identification and preparation.
Reiterating Pakistan’s commitment to advancing this proposal, Akram called for support from the international community. He announced plans for further elaboration through a second meeting of the Group of Friends of Sustainable Infrastructure Investment, co-chaired by Pakistan and South Africa.
In conclusion, the ambassador urged collective action to increase investment in sustainable infrastructure and drive forward the global energy transition.
