At the 29th United Nations Climate Change Conference (COP29) in Baku, Azerbaijan, Prime Minister Shehbaz Sharif of Pakistan made a compelling call for urgent climate finance to support developing nations in managing the growing impacts of climate change. Speaking at a roundtable discussion on climate finance, Sharif urged the international community to raise $6.8 trillion by 2030 for these countries, who, despite facing some of the most severe environmental challenges, are often left without the resources needed to effectively combat and adapt to these changes.
In his remarks, Sharif highlighted the devastating floods that recently ravaged Pakistan, affecting millions of people and leaving widespread destruction in its wake. The Prime Minister’s personal connection to the issue, as the leader of a country grappling with the long-term impacts of climate change, made his plea even more urgent. He pointed out that Pakistan, like many developing countries, is bearing the brunt of climate impacts despite contributing only a small fraction to global carbon emissions.
Sharif’s call for a substantial increase in climate finance is grounded in the stark reality that developing nations, especially those vulnerable to extreme weather events, are often left without sufficient resources or infrastructure to adapt to the rapidly changing climate. The Prime Minister argued that while these nations contribute very little to global greenhouse gas emissions, they are disproportionately impacted by the consequences, such as rising sea levels, devastating floods, prolonged droughts, and heatwaves. This inequality, according to Sharif, demands that developed countries step up and honor their long-standing climate finance commitments.
In his speech, Sharif reminded the world that, back in 2009, developed countries committed to a climate finance goal of $100 billion annually to support developing countries in their climate mitigation and adaptation efforts. However, this goal has not been fully realized, and the target remains unmet, despite numerous subsequent agreements and promises at various international climate summits. Sharif stated that, given the growing and increasingly urgent nature of climate change, this target should be revisited and raised significantly.
The proposed $6.8 trillion target by 2030, Sharif argued, is essential for developing countries to effectively respond to the compounded challenges of both climate change and socio-economic development. This funding would enable these nations to invest in sustainable infrastructure, reduce their vulnerability to climate-related disasters, and accelerate the transition to renewable energy. Moreover, Sharif emphasized the need for the financial resources to be channeled in a way that supports long-term resilience, not just immediate relief efforts.
While the need for climate finance has been repeatedly emphasized in international discussions, Sharif stressed that developing nations have yet to see significant action from developed countries. He called on world leaders to make good on their promises, particularly those made under the United Nations Framework Convention on Climate Change (UNFCCC), which outlines the financial obligations of wealthier nations to assist those less developed in addressing climate challenges.
In addition to the financial aspect, the Prime Minister also underscored the importance of aligning this funding with the broader goals of the Paris Agreement, which aims to limit global warming to well below 2°C above pre-industrial levels. Sharif emphasized that without sufficient climate finance, it will be impossible for developing nations to meet their own climate goals and contribute meaningfully to global mitigation efforts.
The Prime Minister’s remarks at COP29 come at a critical moment in the global climate discourse, as nations around the world are increasingly recognizing the urgent need to accelerate climate action. While developed countries have made some strides in reducing emissions and transitioning to cleaner energy, the impact of climate change continues to worsen, particularly in vulnerable regions. Sharif’s call for a significant increase in climate finance was a reminder that the global effort to combat climate change requires solidarity and cooperation from all nations, with wealthier countries playing a central role in ensuring that developing nations are equipped to face the climate crisis.
Sharif’s message was clear: the international community must not only fulfill the financial commitments made in previous climate negotiations but must also adjust these targets to reflect the escalating climate crisis. The impacts of climate change are already evident in the form of extreme weather events, food insecurity, water shortages, and displacement of populations. For countries like Pakistan, which are already struggling to recover from catastrophic events such as the 2022 floods, climate finance is not just a matter of environmental protection but also of social and economic survival.
As COP29 continues, the Prime Minister’s appeal will likely resonate with many of the world’s most vulnerable nations, who have long called for a fairer distribution of climate finance. Sharif’s push for the $6.8 trillion target reflects the growing recognition that addressing climate change requires more than just technological innovation or policy changes—it requires significant financial resources and a global commitment to equity and justice.
In closing, Sharif urged developed countries to take immediate action and honor their obligations to support developing nations in the fight against climate change. “We cannot afford to wait any longer,” he said, emphasizing that the future of millions of people in the developing world depends on the actions taken today. Without a substantial increase in climate finance, Sharif warned, the world will continue to see devastating consequences that could undermine global efforts to combat climate change and threaten the stability and well-being of future generations.
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