As the eighth most vulnerable country to climate change, Pakistan is set to actively pursue the operationalization of a $100 billion loss and damage fund and advocate for equal funding for both mitigation and adaptation at the upcoming COP28 summit in Dubai.
With a looming requirement of around $348 billion by 2030 to tackle climate-related challenges, Secretary of the Ministry of Climate Change, Syed Asif Hyder Shah, stressed the urgency of Pakistan’s climate action needs. He emphasized the necessity for equitable funding during COP28 negotiations, acknowledging that the $348 billion target cannot be solely achieved through the international summit.
Pakistan’s delegation, led by Caretaker Minister Ahmed Irfan Aslam, aims to raise awareness about the critical importance of climate adaptation. The secretary outlined Pakistan’s stance on creating an interim fund transitioning into a standalone fund after three years, with criteria for extending climate finance focusing on developing countries.
Pakistan contends for the inclusion of developing countries in the fund, challenging the emphasis on small island developing states (SIDs) and least developed countries advocated by developed nations. Pakistan aims to convey that adaptation is as crucial as mitigation, pushing for an increased target beyond the $1 billion set for global climate finance.
The establishment of a COP cell and a communication cell underscores the importance of timely and perpetual information sharing about the country’s engagements in global climate conferences. The COP pavilion, funded by donors and others, has incurred no costs to the Government of Pakistan, emphasizing the nation’s commitment to addressing climate challenges on a global scale.
Notably, the global adaptation finance of $34 billion, diverted from the total pledged climate fund of $100 billion, surpasses the amount allocated for mitigation, highlighting the need for a comprehensive approach to climate finance.