‘The world is still underestimating the risk of catastrophic climate breakdown and ecosystem collapse, the UN secretary general has warned in the run-up to COP29, acknowledging that the rise in global heating is on course to soar past 1.5°C (2.7°F) over pre-industrial levels in the coming years. Humanity is approaching potentially irreversible tipping points such as the collapse of the Amazon rainforest and the Greenland ice sheet as global temperatures rise, António Guterres has said, warning that governments are not making the deep cuts to greenhouse gas emissions needed to limit warming to safe levels.’ – An excerpt from a November 8, Guardian published article ‘“Essential to act now” to prevent chaotic climate breakdown, warns UN chief’
The lack of commitment shown by various governments over the years has led to increase in air pollution, and climate change crisis that together they have propelled Lahore in the province of Punjab to top the dreaded chart of being the most polluted city in the world in terms of smog; where for a number of days the city even crossed the ‘IQAir’ index by over 2000, when the air becomes hazardous as per the index beyond the mark of 300!
Moreover, the severe extent of air pollution in the city could be gauged from the fact, as per ‘Chief Minister Punjab’s roadmap for smog mitigation in Punjab’ report by Punjab Government that between January of 2019 up till August of this year, only 28 days had good air quality! While the governments at both the federal, and provincial levels did not put enough emphasis in dealing with the issue of smog, and climate change, there was also little bilateral, and multilateral support, especially from big polluters over the years, and in particular because Pakistan is among the top-ten most exposed countries in terms of being affected by climate change. Also, on one hand much-needed tree cover was increased insignificantly, the exacerbation of climate change also meant that the capacity of trees to absorb carbon dioxide continues to get negatively impacted by the climate change crisis.
Hence, while the government primarily needs to drastically improve the capacity of involved institutions, organizations, and markets, and both in terms of governance, and incentive structures, to better deal with the issue of climate change, and smog, the financing side also needs to significantly get strengthened. While being a developing country, the country’s own fiscal resources are limited, especially when seen in comparison to the enormity of the spending needed, it is no wonder that the biggest gathering of world leaders at the annual COP meetings, in the current COP29 meetings going on in Baku, Azerbaijan have also been given an alternate title as ‘climate finance cop’.
A November 10, Guardian published article ‘Cop29 could change the financial climate for the world’s wealthy polluters’ pointed out in this regard ‘About 50,000 government officials, policymakers, investors and campaigners will gather in Azerbaijan this week in the hope of answering a trillion-dollar question: how much money should go each year to helping developing countries cope with climate-related costs? The aim of the UN’s Cop29 climate talks in Baku, which is being called the “climate finance Cop”, is to establish a new annual climate financing target to replace the current $100 billion pledge, set in 2009, which expires at the end of this year. There is one clear consensus already: the existing climate finance available to developing countries is nowhere near enough to withstand worsening climate impacts. The ambition is too low, and in 15 years the annual target has been met in full only once, in 2022.’
The climate change crisis has been fast-unfolding for a number of years now, and while global warming has risen dramatically, raising global average annual temperature to around 1.1°C above the pre-industrial era time, scientists believe that beyond 1.5°C, changes to the environment will be irreversible. In addition, a broad consensus of scientists also indicate that given the high pace of global warming, the world may just have another decade before this threshold will be passed if significant improvement is not made in the level of effort being made currently.
The climate change crisis has been fast-unfolding for a number of years now, and while global warming has risen dramatically, raising global average annual temperature to around 1.1°C above the pre-industrial era time, scientists believe that beyond 1.5°C, changes to the environment will be irreversible. In addition, a broad consensus of scientists also indicate that given the high pace of global warming, the world may just have another decade before this threshold will be passed if significant improvement is not made in the level of effort being made currently.
Having said that, one of the main determinants of much improved effort is in the shape of climate finance. A November 11, published article ‘Developing world needs private finance for green transition, says Cop president’ by Guardian highlighted that although both sources need to make significant contributions in terms of provision of climate finance, the public sector needs to take the lead, since finance provided by the private sector generally comes with difficult conditionalities.
The article pointed out in this regard ‘At Cop29, countries will try to forge a new global framework for providing the funds that developing nations need to cut their greenhouse gas emissions and adapt to the impacts of worsening extreme weather. Poor countries want climate finance to ramp up from about $100bn a year today to at least $1tn every year by 2035. …That could mean an increased role for the private sector in making up the $1tn target. But that is controversial. Private sector cash comes with strings attached and can drive countries further into debt. It is also harder to access for the poorest countries that need it most, particularly in order to help them cope with the impacts of extreme weather, an activity that few private sector companies have been prepared to fund to date.’
This means that governments in developed countries should step up in terms of providing climate finance, especially for a number of developing countries, including Pakistan, which are highly indebted. A September 24, Guardian published article ‘Rich countries could raise $5 trillion of climate finance a year, study says’ quoting a report ‘The road to COP29: shifting and unlocking trillions for a just energy transition’ pointed out ‘Rich countries could raise five times the money that poor countries are demanding in climate finance, through windfall taxes on fossil fuels, ending harmful subsidies and a wealth tax on billionaires, research has shown. Developing nations are asking for at least $1tn (£750bn) a year of public funds to help them cut greenhouse gases and cope with the impacts of extreme weather.’
