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"The next country that's affected should have something available so that they can address the loss and damage." 'Not a very constructive agenda' "This is not going to stop at Pakistan," he warned.

I mean I had a third of my country underwater that will prove otherwise but I don't want to pitch this as sort of liability or compensation," Zardari said, referring to a reluctance from wealthy countries to accept liability for loss and damage.

"We can't deny that loss and damage doesn't exist. The disaster highlights the disparity between those most affected by the consequences of a warming planet and those that have the greatest historical responsibility for the climate crisis. Zardari said Pakistan was "cognizant" of the difficult economic environment, citing the impacts of the coronavirus pandemic and Russia's war in Ukraine, but added that "this has really become a compounding tragedy" for the country. Zardari estimated that the total damage stood at an "astronomical" sum of $30 billion. Months of unrelenting rainfall in Pakistan submerged huge swathes of the South Asian nation, displacing millions as the floods swept away homes, transport, crops and livestock. "We discovered firsthand through the catastrophic, apocalyptic flooding that we experienced earlier this year, and we are still dealing with the consequences of that, that … an event of this scale not have any international financial mechanism available for us to be able to address a tragedy of this scale," Zardari told CNBC on Tuesday. He now hopes the international community can find a way to collectively address financing for loss and damage.

Pakistan's Bilawal Bhutto Zardari told CNBC that it had been a success to see loss and damage funding finally adopted onto the COP27 agenda, highlighting the role that developing countries played in building consensus on this issue. The decision to include loss and damage funding as an agenda item, which was proposed by Pakistan, was preceded by 48 hours of talks.Ĭlimate envoys gathered in Egypt's Red Sea resort town of Sharm el-Sheikh will now discuss a deal on a funding facility that would see wealthy nations provide loss and damage cash to vulnerable countries.