At the Senate Standing Committee on Climate Change, Senator Sherry Rehman called for a new mechanism of measuring financial pledges from developing countries at the upcoming COP29 in Baku, Azerbaijan. Senator Rehman asserted “Old mechanisms are not working. The Global South, including frontline countries like Pakistan with tiny emission footprints are getting negligible transfers of climate finance, while the scale and fury of warming and emissions are only growing upwards despite a decade of commitments made at the Paris Agreement in 2015. She called for Internationally Determined Contributions to be sought from donor countries, to match the Nationally Determined Contributions that measure action and are being sought this year with revised targets from all countries.” Senator Rehman emphasized the need to hold large emitters accountable for financing climate resilience, particularly in frontline states like Pakistan. She highlighted that the recent flood disaster of 2022 left Pakistan with a damage bill of $30 billion, against a backdrop of woefully inadequate global funding for climate adaptation and resilience, estimated by the World Bank to require $348 billion by 2030 for Pakistan alone.

Senator Rehman noted “The global shortfall in climate action funding is alarmingly high. Existing data is inconsistent and likely underestimates the actual needs. If current trends continue, the world will need to allocate approximately $340 billion annually by 2030, increasing to $565 billion by 2050. To put this in context, the UNFCCC’s Standing Committee on Finance highlights that 78 developing countries require a staggering $6 trillion to fulfill their Nationally Determined Contributions (NDCs). Given that Pakistan is among the countries most severely impacted by climate change, it is imperative to adopt a more proactive and urgent approach rather than maintaining the status quo.” Senator Rehman voiced concerns about the loss and damage fund, a critical financial mechanism for developing nations affected by climate change, noting the lack of adequate pledges from the international community to operationalize the fund by 2025.

“Funds must be accessible to the countries most impacted by climate disasters, but current pledges fall short, presently a measly $770 million in Loss and Damage Fund is a drop in the ocean” she noted. Senator Rehman called for simplified access to such funds, which are urgently needed to address the escalating climate vulnerabilities faced by Pakistan. In response to a question by Senator Shahzaib regarding the efficacy of COP conferences, Senator Rehman acknowledged the challenges but emphasized the significance of COP as a platform for advocacy. “COP conferences remain our best chance to voice the climate impacts on countries like Pakistan. Climate effects do not respect borders or boundaries, which has been made evident in the case of the hazardous levels of smog in Lahore that transcends between countries, with Pakistan getting the short end of the stick,” she said. She reiterated, "When negotiating, the focus must be on tangible outcomes.

Although countries attend conferences, many remain in climate denial, which is a major barrier, undermining the entire premise of climate action. Even if Pakistan brought emissions to zero, the country would still suffer from the effects of climate change." The committee examined Article 6 of the Paris Agreement, which governs the carbon credits market, offering potential revenue opportunities for countries like Pakistan. Senator Rehman requested a detailed briefing on carbon credits, explaining how this mechanism could support Pakistan’s climate resilience financially. “Carbon credits can offer financial lifelines to nations like ours that contribute minimally to emissions yet suffer disproportionately,” she stated. Senator Rehman gave the example of the Delta Blue Project in Sindh, which focuses on carbon sequestration in Pakistan’s coastal mangroves, aligned with Article 6 of the Paris Agreement. Senator Rehman highlighted.

Credit: Independent News Pakistan