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Pakistan Makes Case For Infrastructure Development To Achieve SDGs

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UNITED NATIONS, (APP – UrduPoint / Pakistan Point News – 21st Apr, 2024) Pakistan calls for improved infrastructure connectivity to strengthen global stability and promote sustainable development, especially in developing countries. countries.

Ambassador Munir Akram made the call in his capacity as co-chair of the Group of Friends of Sustainable Infrastructure Investment, while giving a statement during the UN, General Assembly’s Sustainability Week in New York, on the theme: “Informal dialogue on building global resilience and promoting sustainable development through infrastructure connectivity.”

“Achieving the 17 Sustainable Development Goals (SDGs) by 2030 and our climate goals will require a major transition to sustainable infrastructure – in energy, transport, housing, communications and production and consumption in industry and agriculture,” the Pakistani envoy said, announcing that it was recognized in the ‘Just Energy Transition’ document adopted by COP-28.

“However,” he said, “public and private investment in sustainable infrastructure is not equal to realizing the SDGs or the climate goals, pointing out that most developing countries do not have the resources to public to finance infrastructure investments nor are they able to secure adequate private investment.

To achieve a ‘just transition’, he called for the mobilization of greater concessional finance to mitigate country and project risks, improve credit quality, improve financial terms and as it encourages private investment in infrastructure in developing countries.

In this regard, Ambassador Akram cited the United Nations Conference on Trade and Development (UNCTAD), which stated that there is a funding gap of $2.5 trillion per year in infrastructure, two-thirds of which is in developing countries.

“In general, for a 1.5 ° C Scenario, the financing needs for clean energy are estimated at USD 4.3 trillion per year until 2030, increasing thereafter to USD 5 trillion every year until 2050,” he said, pointing out that investment in renewable energy reached only USD 0.5 trillion in 2022, most of which is concentrated in developed countries.

The Pakistani envoy also emphasized the need to create a pipeline of viable and bankable projects in developing countries that would attract public and private investments.

Pakistan, he said, advocated the establishment of a public-private entity under the UN to assist developing countries in creating and structuring such a pipeline of infrastructure projects that could be used with offices. in the UN country.

“Such a public private entity could bring together all stakeholders – recipient and donor countries, development institutions and the private sector; create a template for national and international frameworks to regulate and take risk-free measures to encourage private investment in developing countries and present projects for financing appropriate public and private sources of investment capital.”

APP/ift

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