THE conclusion of COP29 in Baku has left developing nations — struggling with the mounting costs of climate disasters — feeling lowballed. While the adoption of a $300bn annual climate finance target by 2035 marks a threefold increase from rich nations’ previous $100bn commitment (which was met two years late in 2022), it is a pale shadow of what the world needs to slow down climate change. Climate experts have stressed the need for $1.3tr in annual climate finance to meet the Paris Agreement’s goals. The Global North’s insistence on private sector financing and blame-shifting to high-emitting economies like China and oil-rich Gulf states further muddles the discourse. For Pakistan, the stakes are particularly high. With a $348bn climate finance gap looming by 2030, our efforts at mitigation and adaptation risk being stalled. Despite this, we demonstrated resilience at COP29. From the Recharge Pakistan initiative to the National Climate Finance Strategy, Islamabad’s proposals reflect its determination to confront the crisis. The Pakistan Pavilion, a hub of dialogue and advocacy, was a testament to this commitment, even amid severe economic constraints. Yet, without significant global support, such steps remain aspirational at best.

The world cannot afford to delay action. With 2024 poised to be the hottest year on record and global temperatures on track to rise by 3.1°C by century’s end, inaction will be catastrophic. Wealthy nations must not only deliver on their $300bn promise but also ensure equitable access to these funds. Red tape that slows disbursement must be dismantled. At home, Pakistan must accelerate the transition to renewable energy, implement strict environmental protection laws, and establish a robust climate change monitoring system. Our cities need climate-smart urban planning, while rural areas require sustainable farm practices and water management solutions. The government must also enhance coordination between the federation and provinces on climate initiatives. However, real progress will depend on both domestic action and global solidarity. The recent floods, droughts, and other extreme weather events worldwide underscore our shared vulnerability. As we look towards next year’s summit in Brazil’s Amazon rainforest, Pakistan must continue its advocacy for climate justice while demonstrating tangible progress on its own commitments. The presence of climate-sceptic leadership in major economies adds urgency to securing and implementing robust financing mechanisms now. The time for half-measures is long past.

Published in Dawn, November 26th, 2024