An average American emits over 8x more greenhouse gases than a Pakistani, yet it is Pakistan that is among the countries most vulnerable to climate change. The Global North, which is dragging its heels to come up with a climate finance fund in the ongoing COP 29, was able to fill its coffers through industrialisation and development powered by fossil fuels.

The US and EU have caused the most GHG emissions, with a combined total of 37pc cumulative emissions globally, according to the World Resource Institute. Historically, there has been a strong relationship between emissions and income. In general, as wealth and industrialisation grow, so do consumption and energy-intensive lifestyles, and thus, the higher the emissions per person.

Yet, during the energy crisis faced by the country, developing indigenous coal sources has become challenging because of the costs of climate change that were wrought by the countries that are still amongst the highest contributors to greenhouse gases, so much so that the smog cloud affecting South Asia has become so big that it can be seen from space.

These patterns are changing. According to the International Energy Agency, about 90pc of new electricity generation deployed in 2022 globally was renewable. However, despite the paradigm shift taking place, the countries most able to afford renewable energy are still among those emitting the highest amount of GHG. The 2024 Global Carbon Budget projects fossil carbon dioxide emissions of 37.4bn tonnes, up 0.8pc from 2023.

The time for action is now. Developed nations must accelerate emissions reductions and honour their responsibility to assist countries like Pakistan in managing climate-induced challenges. This includes providing financial and technological support to ensure a fair and just transition to renewable energy. Climate equity cannot wait.

Published in Dawn, The Business and Finance Weekly, November 18th, 2024