SUMMARY of the Article “Short-changed?” Dawn, November 24th, 2024:
The COP29 climate summit in Baku, originally scheduled to end on Friday, has gone into overtime with negotiations ongoing at the time of writing. The central issue is the establishment of a New Collective Quantified Goal for climate finance, where developed and developing nations remain deeply divided. Wealthy nations, historically responsible for the majority of greenhouse gas emissions, are under pressure to commit to significant financial contributions. However, their draft proposals lack substantive numbers, relying on private financing rather than public grants. While developed countries have agreed to a climate finance figure of $300bn, developing nations argue this is insufficient compared to the $1tr per year needed by 2030 to meet the Paris Agreement’s goals. Pakistan alone faces a $348bn climate finance gap by 2030, highlighting the inadequacy of these commitments. Tensions escalated when European nations called on high-emitting economies like China and Gulf states to share the financial burden, while developing nations criticized wealthy countries for evading responsibility for historical emissions. Adding to the complexities is Donald Trump’s recent election as US president, raising doubts about the US’s willingness to contribute. Pakistan’s delegation, led by Arif Goheer, criticized the summit’s draft outcomes as “disappointing” but showcased the nation’s proactive climate » Read More…