Baku, November 13, 2024 – The Europe Today: Prime Minister Shehbaz Sharif called on wealthy nations to honor their financial commitments from previous climate summits, stressing the importance of supporting developing countries in coping with climate change impacts. Addressing the COP29 Climate Action Summit, where around 200 nations are negotiating global strategies for climate change mitigation and adaptation, the premier highlighted the necessity of fulfilling pledges made during COP27 and COP28.
“COP29 should make this understanding loud and clear: we must fulfill those financial pledges,” PM Shehbaz stated. The summit seeks to secure trillions of dollars in financing for climate initiatives worldwide, aiming to facilitate the transition to clean energy and adaptation measures in the face of a warming planet.
Reflecting on Pakistan’s own experience, the Prime Minister noted, “I would not want other countries to face the plight Pakistan faced in 2022. Pakistan is a resilient, hard-working, and responsible nation, fully committed to being part of the global climate solutions.” He underscored that, as minimal emitters, developing nations like Pakistan should not bear the brunt of climate-related consequences caused by larger emitters without adequate resources to build resilience. “Without climate justice, there can be no real resilience,” he emphasized.
Highlighting Pakistan’s proactive climate initiatives, the Prime Minister outlined his government’s commitment to producing 60% of the country’s energy from clean sources and transitioning 30% of vehicles to electric by the end of this decade. Pakistan is also preparing to implement a renewable energy revolution, with a comprehensive national adaptation plan and a carbon market framework set to be developed by 2024. However, PM Shehbaz stressed that achieving these goals will require significant international support.
He pointed out that developing countries will need an estimated $6.8 trillion by 2030 to implement even half of their Nationally Determined Contributions (NDCs). He reiterated the urgent need for grant-based climate finance to avoid increasing the debt burdens of developing nations, noting that “without adequate financing, the world risks falling short of meaningful climate action.”
The Prime Minister’s remarks come as Pakistan continues to rank as one of the world’s most climate-vulnerable countries, according to the Global Climate Risk Index. The catastrophic floods of 2022, which resulted in over 1,700 deaths and affected 33 million people, caused more than $30 billion in economic losses. Although international donors pledged over $9 billion for recovery, much of this aid has yet to materialize.
In 2009, wealthy nations pledged to contribute $100 billion annually to help developing countries manage the costs of transitioning to clean energy and adapting to climate impacts. Though this target was only fully met in 2022, it is set to expire this year, prompting ongoing negotiations over a new financing target.
Countries are considering a multi-layered funding approach that includes core contributions from government coffers and additional financing from sources such as multilateral lending institutions and private investors. Climate change remains a pressing concern, with scientists warning that inadequate emissions reductions could lead to disastrous global warming.
A successful outcome at COP29 is crucial to ensuring ambitious climate plans can be implemented globally. Without sufficient financial backing, many countries may struggle to meet their climate commitments, exacerbating the challenges of climate change. PM Shehbaz’s plea for climate justice seeks to secure equitable support for vulnerable nations and foster a collaborative global response to the climate crisis.
