Previous financial pledges on climate change remain unmet, PM tells COP29 summit

Prime Minister Shehbaz Sharif raised concerns on Wednesday about the unmet financial pledges made at the previous two United Nations climate summits, COP27 and COP28.

Addressing the ongoing COP29 conference in Baku, Azerbaijan, the prime minister stressed that the commitments made by developed countries to support climate action have yet to materialize.

He said that Pakistan incurred over $30 billion in damages due to catastrophic flooding in 2022, a consequence of climate change that continues to impact vulnerable countries globally.

PM Shehbaz described the severe impacts on Pakistan, where thousands were displaced, and essential infrastructure, including schools, was destroyed.

He noted that failing to act on these pledges could subject other countries to similar devastations in the future.

Pakistan, among the ten countries most affected by climate change, has implemented strong resilience measures but requires global assistance to sustain these efforts.

In his opening remarks at the Climate Finance Roundtable Conference, organised by Pakistan in Baku, the prime minister highlighted that the developing countries would require an estimated $6.8 trillion by 2030 to fulfil even half of their current climate goals.

"Our commitment to the climate must be accompanied by an equitable mechanism that ensures historic emitters contribute fairly, through financial and technical support to developing countries facing the brunt of climate impacts," Shehbaz told the roundtable.

The IDC proposal seeks to establish a structured mechanism to track and measure the delivery of climate finance commitments to developing nations. Under the IDC, the emitters would be accountable for fulfilling their commitments for mitigation and adaptation.

Prime Minister Shehbaz said that the IDC framework could be "a defining tool for a fair and effective global response" to climate challenges. "Cooperation and multilateralism are the only paths forward," he emphasised.

The prime minister called on the world to present a unified response to climate finance. He stressed the need for urgent reforms to the financial architecture to ensure no country was left behind in the global response to climate change.

On the sidelines of the global gathering, Shehbaz interacted with several world leaders, and exchanged pleasantries with them besides discussing matters of mutual interest. Shehbaz was warmly received at the venue of the summit by Azeri President Ilham Aliyev and UN Secretary-General Antonio Guterres.

Besides, Shehbaz also had friendly exchanges with Turkish President Recep Tayyip Erdogan, Tajikistan President Imomali Rehmon, United Arab Emirates President Sheikh Mohamed bin Zayed Al Nahyan, Uzbek President Shavkat Mirziyoyev, and Kazakh President Kassym-Jomart Tokayev.

In meetings with Bangladesh Chief Adviser Dr Muhammad Yunus and Nepal's President Ram Chandra Poudel, the prime minister highlighted the issue of rising temperature in South Asia, the risks posed by rising sea level, and the conservation of forests.

The prime minister also discussed bilateral relations with British Prime Minister Keir Starmer and Danish Prime Minister Mette Frederiksen. They also agreed on enhancing cooperation on the key priorities so that the planet could be saved from the harmful impact of climate change.