ISLAMABAD: Pakistan’s State Minister for Petroleum Division Dr. Musadik Malik has called for finance mobilization for developing countries for their transition to clean energy and said Islamabad is determined to achieve this goal for the future generations, state media reported on Monday, amid a global energy crisis triggered by Russia’s invasion of Ukraine last year.
The comments by the Pakistani petroleum minister came at a parliamentary consultation, titled “Towards a Sustainable Future: Inclusion of Just Energy Transition and Climate Action in Election Manifestos 2023,” in Islamabad.
Energy analysts say the global energy crisis triggered by the invasion of Ukraine and increasing climate threats such as last year’s disastrous floods in Pakistan have accelerated the clean energy policies and big tickets investments that are needed to transition to renewable energy, especially wind and solar energy, around the world.
Malik stressed the need for finance mobilization for developing countries to enable their transition to clean energy, the state-run Radio Pakistan broadcaster reported.
“Russia-Ukraine crisis caused un-proportional energy inflation for developing countries, thwarting the clean energy transition and access,” he was quoted as saying.
“It is imperative that just and clean energy transition be supported with finance mobilization for developing countries to enable technology transfer and indigenous development.”
Fossil fuels are the largest contributor to climate change, accounting for 75 percent of the world’s greenhouse gas emissions, according to the United Nations.
The world must slash greenhouse emissions 45 percent by 2030 to cap global warming at 1.5 degrees Celsius above late-19th-century levels. Warming beyond that threshold, scientists warn, could push Earth toward an unlivable hothouse state.
Pakistan is among the top 10 countries most affected by climate change, experts say, while the country’s contribution to global greenhouse gas emissions is less than 1 percent.
The South Asian country suffered from deadly deluges last year, which were blamed on unprecedented monsoon rains and glacier melts due to climate change.
The floods killed more than 1,700 Pakistan, affected 33 million and caused more than $30 million losses.
