ISLAMABAD: Federal Minister for Climate Change Senator Mushahidullah Khan urged rich nations on Sunday to deliver on their $10 billion pledges to the Green Climate Fund (GCF) set up last year to meet costs of tackling climate change-induced disasters in poor countries. He said that rich countries at the UN-led donor conference held in Berlin on Nov 20 had pledged a total of $10.2bn to the GCF against an informal target of $10bn in initial capitalisation set up by the GCF to help developing countries tackle climate change. “But, it is a matter of serious concern for developing countries that the rich countries have contributed so far only 42 per cent of the $10 billion,” he said in a statement.
Quoting an analysis published on April 30 by the GCF, the minister said the United States was overdue on $1.5bn, Japan $750 million and Canada $130m.
He said the head of the United Nations’ flagship GCF had recently warned that it could not start work as planned because leading backers, including the US, Canada and Australia, had not provided funds they had promised.
Pakistan to get $3b loan from Islamic Trade Financing Corporation
ISLAMABAD: Islamic Trade Financing Corporation (ITFC) to provide Pakistan with a $3 billion loan, according to an official statement released...
