Sherry Rehman Calls for Rethinking Climate Finance Ahead of COP29

In recent years, the issue of climate change has become increasingly urgent, particularly for countries like Pakistan that are highly vulnerable to its impacts. As the world prepares for COP29, scheduled to take place in Baku, Azerbaijan, from November 11 to 22, the need for a reevaluation of climate finance mechanisms has never been more pressing. Senator Sherry Rehman has taken a strong stance on this matter, urging the international community to rethink how financial support is allocated to combat climate change.

During a meeting of the Senate Standing Committee on Climate Change, Senator Rehman emphasized the necessity for developed nations to provide “Internationally Determined Contributions” that align with the “Nationally Determined Contributions” (NDCs) expected from all countries. She pointed out that the Global South, particularly nations like Pakistan, which contribute minimally to global emissions, are not reaping the benefits of existing financial commitments. “The Global South, especially climate-vulnerable countries like Pakistan with minimal emissions, sees little benefit from existing financial pledges, while emissions continue to soar,” she stated.

Senator Rehman highlighted the severe consequences of climate change on Pakistan, referencing the catastrophic floods of 2022 that resulted in damages amounting to $30 billion. With projections from the World Bank indicating that Pakistan will require $348 billion to build climate resilience by 2030, she criticized the current financing shortfall. “If this trend persists, global funding needs may reach $340 billion annually by 2030 and $565 billion by 2050,” she warned, underscoring the urgency of the situation.

Furthermore, the senator brought attention to the UN's estimates, which reveal that 78 developing countries need a staggering $6 trillion to meet their NDCs. With Pakistan being one of the most affected nations, the call for robust international action is clear. Senator Rehman also expressed her concerns regarding the Loss and Damage Fund, which is intended to support developing countries hit hard by climate change. She noted that global pledges to this fund remain significantly below what is necessary to make it operational by 2025. “So far, the fund stands at a mere $770 million, a drop in the ocean for countries facing escalating climate disasters,” she remarked, advocating for easier access to these funds for the nations most at risk.

In response to inquiries about the effectiveness of COP conferences, Senator Rehman affirmed their critical role as platforms for climate advocacy, while also acknowledging the challenges that persist. “COP meetings remain crucial for highlighting the climate struggles of nations like Pakistan. The impact of climate disasters, such as the severe cross-border smog in Lahore, reveals how interconnected our climate issues are,” she explained. She also pointed out that the climate denial exhibited by some countries undermines collective efforts to address these pressing issues.

As the world gears up for COP29, it is essential for all nations, especially those in the Global North, to recognize their responsibilities in combating climate change. The call for a more equitable and effective climate finance mechanism is not just a plea from Pakistan; it is a demand for justice for all vulnerable nations facing the brunt of climate disasters. The time for action is now, and the international community must come together to ensure that no country is left behind in the fight against climate change.