BAKU: Prime Minister Shehbaz Sharif on Tuesday said that debt cannot become the `acceptable new normal` in climate financing, as he addressed the challenges faced by developing countries within the global climate finance framework.

`We stand at a crucial threshold where global climate finance framework must be redefined to effectively meet the needs of vulnerable nations,` he told a Climate Finance Round Table Conference organised by Pakistan onthe sidelines of the twoday World Leaders Climate Action Summit.

He explained that financing in the form of loans increases the debt of developing nations and pushes them towards `mounting debt traps` which he referred to as `death traps`.`Debt cannot become the acceptable new normal in climate financing which is why we must resume focus on non-debt financing solutions enablingcountries to fund climate initiatives,` the PM said.

`Despite years of promises and commitments, the gaps are growing, leading to aggregate barriers in achieving objectives of the UN Framework Convention on Climate Change (UNFCCC).

Pakistan is ranked among the top 10 most climate-vulnerable countries, according to the Global Climate Risk Index 2021.It hasfaced increasingly frequent and severe weather events, such as unprecedented floods, intense monsoon rains, devastating heat waves, rapid glacial melting and glacial lake outburst floods.

Calling climate financing an `urgent need of the hour`, PM Shehbaz said that developing countries need to deliver Nationally Determined Contributions (NDCs) and `need an estimated $6.8 trillion by 2030 to implement less than half of their current NDCs`.

He further urged donor countries to `fulfil their commitment`, which is 4.7 per cent of their gross national product and capitalise on existing climate funds.

The PM said that Pakistan can relate to the `agony and pain of other vulnerable countries`, highlighting how the country faced two devastating floods.

While emphasising transparency and coordination in financial commitments made to developing countries, he stated that Pakistan alongside other developing countries, calls for stronger more equitable climate finance mechanisms under the UNFCCC.

He reiterated the pertinent need for reform of international financial architecture saying that `now is the time to build up on the momentum for international financial reforms` so that no nation is left behind in the global response to climate change.

Call to protect glaciers In remarks delivered later at an event on glaciers, the PM linked the survival of mankind with the health of glaciers, adding that Pakistan, as one of the most affected country, was ready to work with the international community to protect these valuable natural resources.

Addressing Glaciers 2025; Actions for Glaciers, hosted by Tajik President Emamoli Rahmon, the prime minister called upon all the countries to unite in the efforts of protecting glaciers from pollution and snow melt by taking concrete and decisive actions to secure the future of glaciers as well as protect the mankind.

He said Pakistan was home to 7,000 glaciers which provided an approximately 60 to 70 per cent water for the Indus River flow, supporting 90pc of agriculture and serving its 200 million people.

However, the glaciers that provide water for this river have been shrinking over a period of time and at an alarming time, which is estimated at about 23pc decrease since 1960, he added.

The prime minister said this retreat was driven by rising tempera-tures and the consequences ofthese changes were glaringly visible.

He shared that accelerated glacial melt had led to the formation of more than 3,000 glacial lakes in the northern areas of Pakistan which were posing great threat. Out of these, he said, about 33 lakes were estimated at the risk of outburst flooding, putting lives of over 7 million people in danger.

Meetings with world leaders On the sidelines of COP29, PM Shehbaz interacted with UAE President Sheikh Mohammed bin Zayed Al Nahyan and discussed cooperation on climate change.

Mr Sharif also met with UK PM Sir Keir Starmer, where the two leaders discussed enhancing bilateral ties.

He also met with Turkish President Recep Tayyip Erdogan and his wife Emine Erdogan, where they discussed environmental pollution as well as matters of mutual interest between the two friendly nations, the report added.

PM Shehbaz also met with the Czech PM Petr Fiala and Danish PM Mette Frederiksen and stressed the need to enhance bilateral cooperation as well as build global consensus on the key climate change priorities.

In his interactions with Nepal`s President Ramchandra Paudel and Bangladesh`sMuhammad Yunus, PM Shehbaz discussed growing temperatures, the threat of rising sea levels, and forest conservation in South Asia.

Kazakhstan President Kassym-Jomart Tokayev and PM Shehbaz explored strengthening bilateral relations. In his meetings with Uzbek President Shavkat Mirziyoyev and Tajikistan`s Rahmon, the leaders spoke about the conservation of glaciers and water resources in Central Asian countries and Pakistan.

With input from APP