Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar has welcomed the IF-CAP commitment to innovation in climate finance instruments to unlock available, affordable and accessible climate finance to developing countries.

Addressing an event titled "Innovative Finance Facility for Climate in Asia and the Pacific" at the sidelines of COP29 in Baku he said the 2.5 billion dollars mobilized in guarantees from IF-CAP partners will unlock eleven billion dollars in climate finance to support developing member countries.

The Deputy Prime Minister said it will help to promote the means of implementation support at a time when we are negotiating to set an ambitious new quantified climate finance goal based on the needs and priorities of the developing countries.

He said Pakistan supports reform of the MDB's and the IMF for addressing these challenges being faced by the developing countries, and for scaling up currency risk hedging for low- and middle-income countries.

Ishaq Dar said Pakistan remains among the top ten countries most impacted by climate change as the devastating floods of 2022 contracted the country GDP by 4 % and resulted in loss and damages of over 30 billion dollars.

He said Pakistan requires 348 billion dollars to achieve climate resilience by 2030 as it remains committed to climate action in collaboration with international community.