BAKU, Azerbaijan: Pakistan’s Prime Minister Shehbaz Sharif urged the global community to fulfil its climate finance commitments made at the previous two climate summits — COP27 and COP28.
Speaking at the 29th United Nations Climate Change Conference (COP29) in Baku on Wednesday, the Prime Minister stressed that these pledges must materialise to support vulnerable countries like Pakistan, which is ranked among the top 10 most climate-vulnerable nations.
In his address on the second and final day of the World Leaders Climate Action Summit, PM Shehbaz highlighted the devastation caused by the 2022 floods in Pakistan.
He pointed out that while Pakistan contributes less than 0.5 percent of global emissions, it continues to bear the brunt of climate change’s impacts.
Pakistan has faced increasingly frequent and extreme weather events, including unprecedented floods, intense monsoon rains, devastating heatwaves, and glacial lake outburst floods.
In his speech, PM Shehbaz emphasized the urgent need for action, noting that COP29 must send a clear message: “We must fulfill the financial pledges made at COP27 and COP28.”
He stressed that these financial commitments are critical for addressing the climate crisis and mitigating its devastating effects.
At COP27 in 2022, countries agreed to establish a “loss and damage fund” to assist developing nations devastated by climate-related disasters. However, despite the establishment of the fund, only around $700 million has been pledged so far, with major contributions from countries such as France, Germany, Italy, and the UAE.
At COP28, Pakistan’s caretaker prime minister, Anwaarul Haq Kakar, had called for the immediate release of $100 billion in climate finance.
Reaffirming Pakistan’s Commitment to Climate Action
PM Shehbaz also recalled the catastrophic monsoon floods of 2022, which caused over 1,700 deaths, widespread displacement, and destroyed homes, crops, and infrastructure.
The floods resulted in an estimated $30 billion in economic losses. He called on the international community to take urgent measures to create an environment conducive to combating climate change, stating, “We cannot afford inaction; the future will not forgive us.”
Despite contributing minimally to global emissions, Pakistan faces a disproportionate share of climate impacts. PM Shehbaz expressed hope that COP29 could emerge as a “finance COP,” focused on restoring confidence in the climate finance process and scaling up financial support for vulnerable nations.
He emphasised, “Climate finance must be grant-based, not loans that add to the debt burden of developing countries,” echoing earlier remarks made at the summit.
Recalling the flood-affected areas in Balochistan, the Prime Minister shared the story of a young boy named Ikramullah, whose village was completely wiped out. “His home was destroyed, his school was submerged, and he lost everything,” PM Shehbaz recalled, stressing the human cost of climate change.
PM Shehbaz reaffirmed Pakistan’s commitment to global climate solutions, highlighting the country’s efforts to transition toward renewable energy.
Pakistan is aiming to generate 60% of its energy from green sources and shift 30% of its vehicles to electric vehicles (EVs) by 2030.
The Prime Minister also pointed out that developing countries will need an estimated $6.2 trillion by 2030 to implement their Nationally Determined Contributions (NDCs), which include both mitigation and adaptation efforts.
He emphasised that this financial support is essential for addressing climate change and the loss and damage experienced by vulnerable countries like Pakistan.
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In a separate address at a Pakistan-organised event, PM Shehbaz argued that debt should not become the “new normal” in climate financing, as loans only deepen the financial burdens of developing countries.
He also highlighted the critical role of glaciers in global climate health, noting Pakistan’s commitment to working with the international community to protect these vital ecosystems.
PM Shehbaz concluded his remarks by reaffirming the importance of climate justice. Reflecting on the 2015 Paris Agreement, he noted that world leaders had failed to curb emissions and prevent the rise in global temperatures.
“As the least emitters, we should not bear the brunt of emissions caused by others, without the necessary tools to finance resilience,” he said. “Without climate justice, there can be no real resilience.”
Absence of Leaders at COP29
While dozens of world leaders attended COP29, several key figures, including US President Joe Biden, Chinese President Xi Jinping, Indian Prime Minister Narendra Modi, and French President Emmanuel Macron, were absent from the summit.
