Sherry Rehman urges world to rethink finance mechanism

ISLAMABAD: Senator Sherry Rehman on Wednesday urged the international community to rethink climate finance mechanisms ahead of COP29, set to be held in Baku, Azerbaijan, from Nov 11 to 22.

Speaking during a meeting of the Senate Standing Committee on Climate Change, Senator Rehman called for a shift from current practices, proposing “Internationally Determined Contributions” from developed nations to match the “Nationally Determined Contributions” (NDCs) demanded from all countries.

“The Global South, especially climate-vulnerable countries like Pakistan with minimal emissions, sees little benefit from existing financial pledges, while emissions continue to soar,” Ms Rehman said.

Highlighting severe impacts of the climate change on Pakistan, she referred to the devastating 2022 floods, which caused $30 billion in damage. With the World Bank estimates suggesting Pakistan will need $348bn for climate resilience by 2030, Senator Rehman criticised the current financing shortfall.

COP29 to be held in Baku from 11th

“If this trends persist, global funding needs may reach $340 billion annually by 2030 and $565bn by 2050,” she warned.

The meeting was informed that according to UN estimates, 78 developing countries needed $6 trillion to fulfill their NDCs, and with Pakistan among the worst affected, the urgency for robust international action was clear.

Senator Rehman also raised concerns about the Loss and Damage Fund, a crucial support system for climate-hit developing countries, pointing out that global pledges remained far below what was needed to operationalise it by 2025. “So far, the fund stands at a mere $770 million, a drop in the ocean for countries facing escalating climate disasters,” she said.

She advocated for simplified access to these funds for nations most at risk. In response to Senator Shahzaib Durrani’s question on the effectiveness of COP conferences, Ms Rehman affirmed their importance as platforms for climate advocacy, while acknowledging ongoing challenges.

“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 said, adding that some countries’ climate denial undermines collective action.

Published in Dawn, November 7th, 2024