Sherry urges COP29 over transformative climate financing

ISLAMABAD: Chairperson of the Senate Standing Committee on Climate Change Senator Sherry Rehman has underscored the critical role of climate financing as a tool for justice and transformation, emphasising the unfulfilled $100 billion annual pledge made more than a decade ago.

“The Global South requires $4 trillion annually to combat climate change, yet we are still waiting for the promised billions,” she said while speaking in Baku, Azerbaijan, during the thematic session “Judicial Pathway Towards Climate Justice: Judicial Approaches for Addressing Climate Change through Global Analysis,” hosted by the Law and Justice Commission of Pakistan, and the COP29 event

“Accelerating the Transition to a Decarbonized Future,” organized by Project Syndicate (UK). Senator Rehman stressed the urgency of decisive climate action, calling on global leaders to go beyond rhetoric and commit to equitable responsibility and financing. “After 29 years of climate talks, countries are still talking in bumper stickers. We need transformative solutions; we need strong delivery,” she remarked. Reflecting on the Greek origin of the word “crisis” (krisis), meaning judgment or decision, she called for COP29 to serve as a turning point for nations impacted by the climate crisis. “This is the moment for all actors with the power to make the hard decisions needed for a sustainable future,” she asserted. Senator Rehman highlighted the disproportionate burden borne by vulnerable nations such as Pakistan, small island states, and African nations, which collectively contribute less than one percent of global emissions but suffer the most from climate impacts. She criticised the ambiguity in financial mechanisms and proposed Pakistan’s Internationally Determined Contributions (IDCs) as a pathway to enhance transparency and accountability in climate financing.“The money exists within the system, but we need to shift from billions to trillions and ensure it reaches those who need it most,” she urged. Questioning the term “unlock finance,” she asked, “Why is finance still locked in the first place?”Senator Rehman called for immediate scaling up of climate financing to make it accessible, measurable, and predictable. “This is not just an environmental crisis for us; it is a crisis of survival,” she said. She urged G20 nations, responsible for 77% of global emissions in 2023, to take bold steps toward decarbonisation. She also highlighted Pakistan’s ambitious Nationally Determined Contributions (NDCs), which aim for a 50% reduction in projected emissions by 2030, with 35% contingent on international support. Pakistan’s NDCs include a 60% share of renewable energy in the power mix, a 30% transition to electric vehicles, and a complete ban on imported coal. Showcasing Pakistan’s climate initiatives, Senator Rehman highlighted the Delta Blue Carbon Project, which is restoring 350,000 hectares of mangroves, acting as a major carbon sink while generating 3.1 million tons of carbon credits annually. She also mentioned the “rooftop solar revolution,” which has reduced grid dependency by over 10% through the import of 15 GW of solar panels in 2024.“These projects are not just solutions; they are lifelines for a sustainable future,” she stressed. Turning to global geopolitics, Senator Rehman expressed concern over escalating conflicts that divert resources from climate action. “We are now witnessing more conflicts than at any time since World War II. These conflicts are scorching the Earth and siphoning funds that should be directed toward climate resilience,” she lamented. She called on COP29 to deliver measurable outcomes, asserting, “Developing countries rely on multilateralism to deliver justice. After 29 years, the time for pledges and promises is over. We need transformative solutions and strong delivery to ensure justice for the vulnerable.”The sessions were attended by jurists, climate experts, policymakers, and civil society representatives, who echoed the call for urgent and transformative climate action.