Nations attending COP 29 moot must honour their pledges: PBF

LAHORE: Pakistan Business Forum (PBF) says “we must call on developed nations attending the COP29 in Baku to honor their climate finance commitments and ensure that funding is made accessible without onerous conditions.”

Senior Vice President of PBF, Amna Munawwar Awan said “We expect developed nations to fulfill their climate finance pledges and ensure that the funding is accessible without unnecessary conditions.”

As Pakistan has experienced a staggering $100 billion in losses due to climate change over the past 20 years, a sum nearly equivalent to the country’s external debt, which stands at around $130 billion stated during a session organised by the Centre of Climate Diplomacy.

PBF official warned that environmental conflicts could undermine national security in the future, with potential disputes over resources like clean water and air. She also expressed concerns about the growing conversion of agricultural land into housing developments, which threatens food security, and called for an institutional framework to combat deforestation. She argued that environmental issues affect all sectors of society. She pointed out that climate change already impacts 8% of Pakistan’s GDP, a figure that is expected to rise to 30% by 2050 if current trends continue.

Similarly climate-related natural disasters have wiped out 70-80% of the country’s development gains, presenting a significant setback for Pakistan’s economic growth.

Ranked the 5th most vulnerable country to climate change by the Global Climate Risk Index, Pakistan faced devastating floods in 2022 that affected over 33 million people and resulted in economic losses exceeding $30 billion, underscoring the country’s extreme susceptibility to climate-related disasters.

Amna further said “It’s unfair that we are constantly faced with demands to ‘do more’—to take on more actions, with threats of sanctions looming. This is also tied to human rights violations,” she said and emphasized that Pakistan intends to raise questions about the status of past pledges, how many countries have benefited from them, and what clear mechanisms can be put in place to ensure effective support.

On the prevailing smog issue, she said Pakistan must take it up with the Indian team at COP29. We must open to dialogues and open to come up with the solution; she added.

Copyright Business Recorder, 2024