Along with SDGs, climate change harms needs to control, Bilawal

UN: Foreign Minister Bilawal Bhutto Zardari has emphasized the need to achieve sustainable development goals and said that along with this, the damages caused by the effects of climate change must also be avoided, and measures are also indispensable to avoid future effects. . He expressed these views while addressing the G77 Ministerial Conference in New York.

He said that the majority of developing countries are facing major challenges for their economic development, as well as the threat of social and political crises, during the last three years, the Corona epidemic, supply chain disruption, rising prices, and currency fluctuations. Devaluation, climate change, and geopolitical tensions, particularly the Ukraine war and accompanying sanctions crises, have wreaked havoc on our economies and societies. He said that next year the global economic growth rate is predicted to be less than 3 percent.

The foreign minister said that in recent years food, fuel and other commodity prices have remained high and volatile, depreciating the currencies of developing countries which will lead to their debt burden and further borrowing in the markets. Bilawal Bhutto Zardari said that climate change has changed the nature of the development challenge, development and overcoming the challenges of climate change requires strong efforts from our governments and broad international solidarity and cooperation.

The financing gap for the Sustainable Development Goals has increased from $2.5 trillion in 2019 to more than $4 trillion today, if the cost of the climate goals is included, we need several trillion extra to achieve the Sustainable Development Goals and climate change goals. Dollars will be needed. He said that 250 million people face hunger, 82 of our members are under debt, 54 are in debt distress, fiscal austerity will stunt their development and increase hunger and poverty. A way out of the trap must be made.

He said the purpose of the conference was to launch initiatives that would respond to the urgent challenges faced by developing countries and outline strategies to secure the Sustainable Development Goals and the necessary reforms in the international financial and economic system. We must thank the UN Secretary-General for setting up the Emergency Task Force. He said that the relevant United Nations agencies need to devise mechanisms to limit commodity and fuel prices for developing countries, to ensure their access to food, fuel, and fertilizers. are suffering from severe impacts of climate change, they should be urgently and generously assisted to recover from these impacts;

He said that he is starting work on activating the Loss and Damage Fund agreed at COP 27. In this context, my government will hold the UN Secretary General’s International Conference for “Climate Resilient Pakistan” in Geneva on January 9, 2023. Thanks for co-hosting. Bilawal Bhutto Zardari said that while we are trying to get out of the crises of the recent years, still the Group of 77 and China have to restore sustainable global growth, add equity in international economic relations and restore our economic relations. Therefore, one should take the lead in promoting the necessary systemic and structural changes.

He said we should support the Secretary-General’s call for reform of the international financial system, which would include a number of bold steps, including a multilateral mechanism for the sustainable management of sovereign debt, including collective debt. The bailout includes a better common framework and a new sovereign debt authority. Foreign Minister Bilawal Bhutto Zardari said that mechanisms should be created to reduce the cost of borrowing for developing countries.

Developing countries should also do more to mobilize significantly larger domestic resources by building their investment markets and increasing tax coverage and revenues, including digital transactions by multinational corporations. A fair international tax system must be adopted to prevent evasion and profit shifting. We call on developed countries to fulfill their pledge to provide $100 billion annually in climate finance and to immediately activate the “Loss and Damage” fund, to offset carbon emissions from developed countries, he said. Demand reduction.

He said that the transition to a sustainable global economy will require the rapid installation of sustainable infrastructure, and we should welcome initiatives such as China’s Belt and Road Initiative and the G7 Global Infrastructure Initiative.

The Foreign Minister said that UN offices should be mobilized to help developing countries prepare such high-quality sustainable infrastructure projects. He said that the international trading system should be restructured to restore export-led growth in developing countries, which has been the main path to growth in all successful developing countries.

Bilawal Bhutto Zardari said that an international technology agreement linked to sustainable development goals should be adopted through comprehensive negotiations. The Foreign Minister said that it is very important to adopt a fair international information technology system.

He said that our countries cannot achieve sustainable development goals or climate goals unless we make concrete progress on such an agenda, without such urgent and systemic measures, the development divide is an unbridgeable gulf. They will grow to turn our world into a nightmare, a world plagued by massive human suffering, social and political instability, and escalating conflict, threatening the planet and our species with climate catastrophe. There is a growing existential threat.