COP28 outcome may not address ‘systemic disparities’

Sherry Rehman flags challenges for Pakistan ahead of UN climate meet this month

ISLAMABAD:

Senator Sherry Rehman on Monday shed light on Monday on pressing issues and viable pathways for climate vulnerable nations like Pakistan at the upcoming COP28 meeting in the United Arab Emirates later this month.
Addressing the “Accelerating Green and Climate Resilient Financing in Pakistan” event organised by the Foreign, Commonwealth, and Development Office (FCDO) in Islamabad, Rehman talked about the challenges encountered by developing economies in navigating green financing and climate action.
She stressed that while the global event might engender positive outcomes on many opportunities, it would likely not be a silver bullet in addressing the systemic disparities faced by developing countries in accessing public financing and drawing private investment for sustainable initiatives.
Speaking about Pakistan’s specific circumstances, she voiced concerns regarding the state of international public financing and the nation’s preparedness to access such financing and effectively compete in a tough environment for green private investment, particularly for adaptation needs.
“There is no level-playing field because you are competing with developed countries, and many other economies that are completely differently-equipped and we are differently-abled in catching those projects,” she said.
Rehman highlighted the substantial impact of inaction, explaining how unchecked climate change could potentially cost the global economy a staggering $178 trillion in net present value terms between 2021 and 2070. “This would be the cost of inaction,” she said.
She cautioned against expecting a seismic shift in public financing reaching the countries like Pakistan. Instead, she envisaged a pathway opening for crucial dialogue and continued engagement, advocating for sustained efforts in addressing these challenges beyond COP 28.