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 strategies, such as the Recharge Pakistan initiative and the National Climate Finance Strategy, which require significant funding. The article underscores the disconnect between the urgent needs of vulnerable nations and the insufficient commitments from developed countries, arguing that climate finance must go beyond figures to enable survival and adaptation for those most affected by a crisis they did not cause.
Easy/Short SUMMARY:
The COP29 climate summit in Baku has faced delays due to disagreements between wealthy and developing nations over climate finance goals. Developed countries have proposed $300bn, but this is far less than the $1tr needed annually by 2030 to combat climate change. Pakistan, facing a $348bn climate finance gap, criticized the summit’s outcomes. The article highlights the failure of wealthy nations to take full responsibility for historical emissions and the lack of concrete action to support vulnerable countries like Pakistan, which need grants to fund climate solutions. The world must act quickly to address this gap and support adaptation efforts.
SOLUTIONS of The Problem:
Increase Climate Finance Commitments
Wealthy nations must commit to realistic and substantial funding, aligning with the $1tr target to meet global climate goals.
Focus on Grants, Not Loans
Developed countries should provide grants to avoid deepening the debt burdens of developing nations.
Simplify Access to Funds
Eliminate bureaucratic hurdles in accessing climate finance, enabling vulnerable nations to utilize funds promptly.
Account for Historical Emissions
Wealthy nations must acknowledge and address their historical responsibility for emissions rather than deflecting it to other high-emitting economies.
Strengthen Multilateral Cooperation
Encourage joint efforts between developed and developing nations to design effective, inclusive climate finance strategies.
Expand Private Sector Contributions
Engage private enterprises globally to supplement public funding for climate adaptation and mitigation projects.
Enhance Transparency in Fund Allocation
Develop robust mechanisms to ensure that funds are allocated equitably and reach the most vulnerable regions.
Promote Ecosystem-Based Solutions
Invest in initiatives like Pakistan’s Recharge Pakistan, focusing on flood management and other ecosystem-based strategies.
Ensure Political Commitment
Leaders globally must prioritize climate action and ensure that political changes, such as Donald Trump’s presidency, do not derail international commitments.
Raise Awareness
Launch campaigns to highlight the urgency of climate finance to global populations, fostering public pressure for governmental accountability.
IMPORTANT Facts and Figures Given in the article:
- COP29 climate summit took place in Baku.
- Developed nations proposed $300bn in climate finance, far short of the $1tr needed by 2030.
- Pakistan faces a $348bn climate finance gap by 2030.
- Pakistan’s delegation hosted over 40 events at the summit.
- Donald Trump’s election as US president cast doubts on US involvement in climate finance.
MCQs from the Article:
1. What was the primary issue at the COP29 climate summit?
A. Renewable energy investment
B. Climate finance goals
C. Carbon trading policies
D. Conservation efforts
2. How much climate finance is needed annually by 2030 to meet Paris Agreement goals?
A. $300bn
B. $500bn
C. $800bn
D. $1tr
3. What is Pakistan’s climate finance gap by 2030?
A. $200bn
B. $248bn
C. $348bn
D. $448bn
4. What initiative has Pakistan launched to manage flood risks?
A. Green Pakistan Program
B. National Environmental Strategy
C. Recharge Pakistan initiative
D. Climate Resilience Initiative
5. Which recent political development added uncertainty to climate finance discussions?
A. A new EU climate policy
B. Donald Trump’s re-election as US president
C. A trade deal between China and Gulf states
D. A UN resolution on emissions
VOCABULARY:
- Sticking Point (noun) (تنازعہ): A specific issue causing disagreement.
- Impasse (noun) (بند گلی): A situation where no progress is possible.
- Placeholder (noun) (عارضی جگہ): A temporary or substitute number or figure.
- Quantified (verb) (مقدار): Expressed or measured as a quantity.
- Deflect (verb) (ٹالنا): To divert attention or responsibility.
- Disappointing (adjective) (مایوس کن): Failing to meet expectations.
- Proactive (adjective) (پیش قدم): Taking action in anticipation of future problems.
- Ecosystem (noun) (ماحولیاتی نظام): A community of organisms interacting with their environment.
- Vulnerable (adjective) (کمزور): Exposed to risk or harm.
- Adaptation (noun) (موافقت): Adjusting to new conditions.
- Substantial (adjective) (کافی): Considerable in amount or importance.
- Maze (noun) (بھول بھلیاں): A complex or confusing network.
- Red Tape (noun) (افسرشاہی): Bureaucratic rules that hinder progress.
- Mitigation (noun) (کمی): Reducing the severity of something.
- Disconnect (noun) (عدم تعلق): A lack of connection or agreement.
- Pall (noun) (مایوسی): A gloomy or depressing influence.
- Commitments (noun) (وعدے): Promises or obligations.
- Diplomatic (adjective) (سفارتی): Relating to negotiations between nations.
- Historical (adjective) (تاریخی): Relating to past events.
- Grants (noun) (فنڈ): Financial aid given without repayment requirements.
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THE COP29 climate summit in Baku has stretched past the Friday deadline into overtime, with negotiations still underway at the time of writing. Although the final outcome is not likely to be known for some time, suffice it to say that what started with a bang may end in a whimper.
The central sticking point at the summit was the establishment of a New Collective Quantified Goal for climate finance over which the Global North and Global South continued to remain at an impasse. Developed countries, historically responsible for the bulk of GHG emissions, were expected to commit to a robust financial framework. Instead, they stalled, with their draft proposals offering placeholder numbers and prioritising private financing over public grants.
Reportedly the wealthy nations have agreed to raise the climate finance figure to $300bn, while the developing nations want a bigger contribution. The amount proposed by the former is still in huge contrast to the minimum of $1tr a year needed by 2030 just to meet Paris Agreement goals.
It is particularly concerning given that Pakistan alone faces a climate finance gap of $348bn by 2030. Whatever the outcome, there will likely remain a deep disconnect between climate reality and wealthy nations’ commitments. The fact that developing nations like Sierra Leone were thinking of walking out of the deal speaks volumes for how short-changed they feel.
Besides how much must be paid, the question that emerged was who must pay. European nations insist that high-emitting economies such as China and Gulf states share the burden. However, the Global North cannot deflect responsibility for historical emissions. Meanwhile, the recent election of Donald Trump — who believes climate change is a hoax — as US president, cast a pall over the talks. Some of the wealthy nations believe the world’s biggest economy will want nothing to do with the finance goal during Mr Trump’s tenure.
Pakistan’s delegation, led by negotiator Arif Goheer, aptly criticised the draft agreement as “disappointing”. Our diplomatic efforts at the summit, including hosting over 40 events, demonstrate our commitment to global climate action. Prime Minister Shehbaz Sharif reiterated the pressing need for grants, not loans, to avoid deepening debt traps. Domestically, Pakistan has taken steps to address climate vulnerabilities, unveiling its National Climate Finance Strategy and launching the Recharge Pakistan initiative to manage flood risks through ecosystem-based solutions. However, these ambitious plans require substantial financial backing.
While the eventual target may unlock some funds, accessing them through the current maze of red tape will remain a challenge. As the nations continue to argue, the international community must recognise that climate finance is not merely about numbers — it is about enabling vulnerable nations to survive and adapt to a crisis they did little to create. For now, we remain far from this essential goal.
Published in Dawn, November 24th, 2024