COP28, the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), is poised to be a pivotal event for Pakistan, amplifying the urgency for global collaboration on climate action. The call for the inclusion of countries like Pakistan in climate financing, particularly through the Loss and Damage Fund, stands as a critical opportunity for nations facing disproportionate impacts despite being low emitters.
Pakistan’s Vulnerabilities and Climate Goals: A Balancing Act
Pakistan, categorized as a low emitter, grapples with severe consequences such as glacial melt, heat stress, and the resultant impacts on water, food security, health, and poverty. Despite international pledges made at the Paris Agreement to curb emissions, the recent UNEP emissions gap report signals a perilous trajectory surpassing targets. The majority of emissions originate from major economies, placing the Global South, including Pakistan, at an increased vulnerability due to climate inaction.
Striving for Carbon Financing Amidst Challenges
While Pakistan aims for carbon financing to address its climate challenges, unlocking substantial funds remains a formidable challenge. The nation faces a daunting gap between global needs and available funds, amounting to trillions. The private sector’s reluctance to invest in adaptation projects, coupled with Pakistan’s debt burden, further complicates its ability to raise essential funds for climate initiatives.
Expert Insight: Sherry Rehman on Pakistan’s Climate Objectives
As world leaders gather at the COP28 summit in the UAE, Sherry Rehman, former minister for climate change, sheds light on Pakistan’s goals for the conference. Reflecting on the climate change policy introduced during her tenure, Rehman emphasizes the collaborative nature of climate governance in a federation. While the federal government provides frameworks and plans, the onus lies on provinces to execute policies tailored to their specific needs.
International Pressure and Financial Challenges
Rehman acknowledges the international pressure on Pakistan to budget for climate adaptation. However, she highlights the significant gap between global needs and available funds, with the private sector’s hesitancy exacerbating the issue. Pakistan’s debt burden further impedes its capacity to attract investments, calling for a prioritization of funding adaptation plans on a global scale.
As the COP28 summit unfolds, the world watches to see how global leaders, including Pakistan, will navigate these challenges and forge a path toward a more sustainable and resilient future.
