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ISLAMABAD, Jun 09 (APP):Pakistan emerged as a leading voice for developing nations at the UN Climate Change Conference (COP29), pushing for stronger climate finance, adaptation support, and justice for vulnerable countries.
Representing the G77 and China block, Pakistan helped broker key agreements—including a new $300 billion annual climate finance goal and the operationalization of the Loss and Damage Fund—despite resistance from wealthy nations, said Pakistan Economic Survey 2024-25 report issued on Monday.
After intense negotiations, countries agreed on the Baku Finance Goal, setting a target of $300 billion per year by 2035 to help developing nations tackle climate change.
Pakistan and its allies had demanded $1.3 trillion, citing urgent needs, but accepted the lower figure to secure consensus.
Officials noted this covers only 23% of estimated requirements but marks progress in holding developed nations accountable.
Pakistan, still recovering from its $30 billion flood disaster in 2022, played a pivotal role in ensuring the Loss and Damage Fund became fully operational.
The fund, hosted by the World Bank, will begin financing projects in 2025, with initial pledges exceeding $730 million. This marks a major win for climate-vulnerable nations.
A nine-year deadlock on carbon trading rules was resolved after Pakistan pushed for flexible reporting requirements and national control over carbon credits. The deal could cut global climate action costs by $250 billion annually while ensuring transparency.
Pakistan successfully advocated for integrating finance into the Global Goal on Adaptation (GGA), leading to a new Baku Adaptation Road Map to track progress.
On Just Transition, Pakistan argued for a broader approach, ensuring developing nations aren’t forced into restrictive policies. Talks will continue in 2025.
While COP29 delivered key wins, Pakistan emphasized that far more funding and equity are needed to meet global climate targets.
The country’s leadership reinforced its stance that climate action must be fair, inclusive, and backed by real financial support from high-emission nations.