ISLAMABAD: Senator Sherry Rehman, chairperson of the Senate Committee on Climate Change, has called for a new mechanism to measure financial pledges from developing countries at the upcoming COP29 conference in Baku, Azerbaijan.
The Senate Committee on Climate Change met on Wednesday at Parliament House under her chairmanship.Senator Sherry Rehman said, “Old mechanisms are not working.
The Global South, including frontline countries like Pakistan, which have minimal emissions, receives negligible climate finance. Meanwhile, the intensity of global warming and emissions continues to rise, despite commitments made under the Paris Agreement in 2015.” She urged that internationally determined contributions should be sought from donor countries to align with the nationally determined contributions that track action targets, including revised targets from all countries this year.
Senator Rehman highlighted the need to hold large emitters accountable for financing climate resilience, especially in vulnerable nations like Pakistan. She said that the 2022 flood disaster had inflicted $30 billion in damages, underscoring the backdrop of critically inadequate global funding for climate adaptation.
According to the World Bank, Pakistan alone will require $348 billion by 2030 for climate adaptation and resilience efforts.”
The global shortfall in climate funding is extremely concerning,” she added. “Current data may even underestimate the true need. If this trend persists, the world will require around $340 billion annually by 2030, rising to $565 billion by 2050.”
To emphasise the scale, she referenced the UNFCCC’s Standing Committee on Finance, which indicates that 78 developing countries require $6 trillion to meet their NDCs. “As Pakistan is among the countries hardest hit by climate change, a more proactive and urgent approach is essential, rather than maintaining the status quo.”Expressing concern about the Loss and Damage Fund, a key financial mechanism for climate-affected developing nations, Senator Rehman pointed to the lack of adequate pledges to operationalise it by 2025.
“The $770 million currently pledged to the Loss and Damage Fund is grossly insufficient,” she said, stressing the need for accessible funds for countries most impacted by climate crises.In response to Senator Shahzaib’s question on the effectiveness of COP conferences, Senator Rehman acknowledged the challenges but stressed that COP remains a crucial platform for advocacy. “COP conferences provide a vital opportunity to highlight climate impacts on countries like Pakistan.
Climate issues cross borders, as evidenced by the hazardous smog levels in Lahore, which affect the region and disproportionately impact Pakistan,” she said, adding that negotiations must aim for tangible outcomes. “Many countries still operate in climate denial, a major barrier that hinders meaningful action.”
The committee also reviewed Article 6 of the Paris Agreement, which governs the carbon credits market, a potential revenue source for countries like Pakistan.
Senator Rehman sought a detailed briefing on carbon credits and their financial potential for supporting Pakistan’s climate resilience. “Carbon credits can be financial lifelines for countries like ours, which contribute minimally to emissions but suffer disproportionately,” she said. She cited the Delta Blue Project in Sindh, which focuses on carbon sequestration through coastal mangroves, in line with Article 6.
Senator Rehman stressed the need for a national registry to track Pakistan’s carbon credits. “With global carbon sinks losing absorption capacity, our strategy must be robust and align with international standards.”
She also called for a detailed post-COP29 briefing for committee members on financial commitments, the carbon credits market, and sustainable local solutions.
The meeting was attended by Senator Bushra Anjum Butt, Senator Shahadat Awan, Senator Naseema Ehsan, Senator Shahzaib Durrani, Senator Taj Haider, the Secretary of the Ministry of Climate Change and Climate Environmental Coordination Additional Secretary (MoCC&EC), senior officials from the CDA, EPA, and other relevant departments.
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