Climate investment
The ‘Country Climate and Development Report’ for Pakistan prepared by the World Bank and presented at the UN climate summit estimates that a total investment of $348 billion is required to meet climate and development challenges between the years 2023-2030. The amount consists of $152 billion for adaptation and resilience and $196 billion for deep de-carbonisation. The report clearly outlines the sheer amount of destruction that climate change has brought about in the world. The problem is that climate events disproportionately affect different parts of the world. This has in turn given rise to a new type of world order, where the global North is contributing the most to global warming and climate change while the global South is reeling from the disastrous effects.
Let’s be honest, Pakistan alone doesn’t have the financial means to deal with annual disasters, let alone initiate rehabilitation projects. The debt crisis is spiraling out of control while revenue is falling short to meet the basic needs of a surging population. Therefore, funds and investment are crucial not just to initiate a comprehensive rebuilding phase but also to ensure resilience and mitigation measures in order to curtail future impacts. The report also warns that natural disasters coupled with environmental degradation could pose grave risk of intensifying economic fragility as GDP is predicted to reduce by 18-20% by 2050. COP27 is the perfect opportunity to vehemently push Pakistan’s agenda forward and hold the global North accountable so that in the next decade vigorous efforts are made to prioritise climate interventions and sequence realistic policy actions in energy, agriculture and water sectors.
It is about time that the international community put its foot down and held rich countries and private organisations accountable for the crisis they have created. Vulnerable countries must start to dictate terms and Pakistan must look to be the frontrunner to protect the interest of the global South. Radical actions are necessary and time is not on our side.
Published in The Express Tribune, November 14th, 2022.
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