Poor Nations Are Paying the Heavy Price for Rapidly Rising Global Temperatures, States Federal Minister Dr. Musadik Malik; Highlights Disparate Interest Rates and 23 Percent Drop in Climate Funding
ISLAMABAD: In a major attack on financial and environmental justice, Minister for Climate Change Dr Musadik Malik has stated that vulnerable developing countries are being left to deal with the impact of increasingly high global temperatures and loss of support from other countries.
Dr. Musadik Malik disclosed that financial aid and climate funds given to the poor countries this year saw a 23 percent drop, while addressing a conference organised by the Sustainable Development Policy Institute (SDPI) in Islamabad.
Federal Minister Dr Musadik Malik delivered the speech at SDPI Conference which had key highlights.
Dr Malik said that there were huge economic differences; such that interest rates for developed and rich countries are at about 2.3 percent, while developing and impoverished nations have to pay exorbitant interest rates at 5 percent on average. He said that the notion of a “global village” has come to a radical turning point.
Climate Vulnerability and Geopolitical Spillover: The minister pointed to system vulnerabilities downstream where conflicts break out and developing populations experience the economic impacts of fluctuating oil prices. He emphasized the need to create and reinforce home security and protective structures, so that citizens will not be left unprepared for the next devastating floods.
Rights of Downstream Populations: Question international equity, Dr Malik asked “What about the rights of those who are downstream and in the developing world? If equity is ignored, global affairs will go by the rule of the mightiest and not justice.