The COP28 Presidency initiated several collaborative efforts to reduce sectoral emissions. These initiatives involve both Parties and non-party stakeholders. One such initiative was the Global Cooling Pledge for COP 28, which has 66 national government signatories committed to working together to reduce cooling-related emissions in all sectors by at least 68% globally relative to 2022 levels by 2050. Additionally, Twenty-two national governments have recently supported the Declaration to Triple Nuclear Energy. The declaration urges the global community to triple the capacity of nuclear energy by 2050, calling on stakeholders of international financial institutions to support the inclusion of nuclear energy in energy lending policies.
Addressing climate finance, multiple national governments and organizations made climate finance commitments during COP 28, focusing on the Green Climate Fund, Adaptation Fund, Least Developed Countries Fund, and Special Climate Change Fund, among others. Similarly, thirteen national governments endorsed the UAE Leaders’ Declaration on a Global Climate Finance Framework, aiming to open up the investment opportunity of climate finance by facilitating collective action, providing opportunity for all, and delivering at scale. A decision was also made to establish the Loss and Development Fund. Moreover, with the direction of the COP28 Presidency, 40 organizations and 78 national governments, including the EU, supported the COP 28 UAE to promote collective action to build climate resilience at the size and speed required in highly vulnerable nations and communities.
It is also important to note that although climate change is a global threat, developing nations are unable to tackle it independently. John Crace, in his article in the Guardian, highlighted that numerous socioeconomic obstacles force developing countries to reduce their spending. There are currently more individuals suffering from hunger across the world than ever before. Additionally, over 60% of low-income nations are either facing debt difficulties or are at a high risk of experiencing them, and borrowing money is extremely costly. As a result, this leaves little room for financing climate action through expenditure and debt generation.
Similarly, Pakistan is one of the most vulnerable countries, facing severe consequences due to climate change, such as altered weather patterns and devastating floods. In the next several decades, extreme weather patterns are probably going to become more frequent and intense, necessitating immediate action to increase climate resilience. According to the World Bank Pakistan Country Climate and Development Report 2022, it is expected that by 2050, air pollution, environmental degradation, and climate-related disasters might reduce Pakistan’s GDP by 18–20%. This concerning figure emphasizes the urgency of addressing climate change and its impact on people and their livelihoods. Although Pakistan is not the major contributor to the cause of climate change, it is bearing the brunt of this crisis. The main debate regarding climate change is shifting to sustainable energy sources and setting mitigation measures in place. Pakistan is still in the early stages of development. Therefore, access to a reliable, inexpensive, and domestic energy source is necessary to boost earnings and combat poverty. Thus making it difficult to address the climate crisis.
Pakistan’s participation at COP28 was collaborative and synergistic, showcasing engagement from various ministries. Its top priorities for COP 28 were improving climate adaptation, climate financing, capacity building, and technology transfer. Pakistan also aimed to urge the implementation of the L&D Fund, compensating the economic losses and damages due to climate change impacts. The conversation at the COP 28 panel brought to light Pakistan’s significant need for climate funding, which is made worse by the country’s current macro-fiscal difficulties and climate-related concerns. In line with national and international objectives, the panel’s recommendations emphasized a comprehensive government strategy that focuses on investment, policy, and capacity-building initiatives to support a green transition.
Furthermore, to achieve better equity, efficiency, and accountability, the nation’s institutions and policies must undergo a profound transformation. This will necessitate resolving the underlying political economy issues that have previously prevented the execution of similar ideas. According to the World Bank, Pakistan also must tackle its human capital crisis in order to maintain economic growth and the country’s shift to a resilient, green economy. Additionally, Imran Saqib Khalid, Director of Governance and Policy at WWF, emphasized the need for Pakistan to improve their climate change policies in order to address emerging challenges effectively. Thus, the continuously evolving climate-related concerns require ongoing policy enhancement and adjustment.
COP28 has paved the way for conversations on a significant issue with broad implications. It made an effort to guide countries towards more accelerated climate action plans. The decision to establish the L&D Fund was an important milestone, especially for Pakistan. Pakistan, being highly vulnerable to the climate crisis, needs to focus on the transformation of its climate change policies to address the crisis effectively. There is a need for the implementation of sustainable practices to concentrate on mitigation and adaptation solutions. Therefore, a multi-sectoral strategy is required for an effective resolution of the country’s complex climate change concerns.