By Faridat Salifu
The much anticipated COP28, which commences tomorrow, November 30 in Dubai, will center around finance, with experts estimating a requirement of approximately $1trillion annually to bolster the efforts of developing countries in combatting climate change.
Pakistan stands out as example of nations in critical need, given its economic vulnerabilities and the escalating impact of climate change.
Despite contributing less than 1% of global greenhouse gas emissions, Pakistan is grappling with increasingly frequent and devastating natural disasters such as floods.
A focal point of COP28 is the anticipated agreement on the allocation of funds to a new Loss and Damage Fund, specifically tailored to address the substantial costs arising from extreme weather events.
The World Bank has been tentatively designated as the host of the fund, expressing a preference for providing loans over grants for this purpose.
Conversely, developing countries in the Global South advocate for an autonomous entity to steward the fund, setting the stage for deliberations on the quantum of investment and the contributions from various nations.
The European Union has signaled its intent to extend substantial support, likely in the order of billions of euros, whereas the US envoy, John Kerry, has announced contributions in the scale of millions of dollars.
Amidst this backdrop, the European Parliament is dispatching a 12-member delegation to the conference, with Socialist & Democrat MEPs championing substantial financial allocations as a testament to global solidarity.
The discussions at COP28 focus on addressing the pressing financial needs of countries grappling with climate change consequences, underscoring the imperative for concerted global support and collaboration in realizing meaningful climate finance commitments.
While these discussions unfold, it’s imperative to acknowledge the importance of fulfilling previous financial commitments. The UN’s Green Climate Fund, created in 2019 with the objective of collecting $100 billion annually to aid developing countries in transitioning to clean energy systems, has yet to materialize fully.
Analysts underscore the pressing need to augment climate finance commitments, emphasizing that the estimated transition costs far exceed the initially earmarked funds.
Moreover, there is a recognition that climate action necessitates collaborative efforts and increased investment in clean technologies.
Advocates highlight the potential for mutual benefit through partnerships with the private sector and the transfer of clean technology, particularly in regions like Africa where access to sustainable energy could yield transformative outcomes.
Additionally, the imperative to support developing countries in accessing affordable, sustainable, and inclusive energy systems remains a key focus of the climate finance discourse.
Furthermore, the emphasis on infrastructure’s role in greenhouse gas emissions underscores the critical need to invest in environmentally friendly infrastructure and support countries in rebuilding or replacing infrastructure in the aftermath of natural disasters.
The global imperative to redefine the framework for international climate finance and outline a comprehensive roadmap for its implementation will therefore take center stage.
The convergence of political leaders and scientific advisors is expected to yield a definitive perspective on climate finance, underscoring the pivotal role of financial commitments in addressing the escalating impacts of climate change.