The Unmet Pledges: Climate Financing and the Fight for Justice in Pakistan

Majid Burfat
In recent years, the global discourse on climate change has brought the issue of climate justice to the forefront, emphasizing the disproportionate impacts on marginalized and developing nations. As the world grapples with the growing environmental crisis, countries like Pakistan are finding themselves at the mercy of a climate emergency they did not cause but now must bear. With extreme weather events, such as the devastating floods in 2022 and relentless glacial lake outburst floods (GLOFs), Pakistan has emerged as one of the most vulnerable countries to climate change, despite being one of the lowest carbon emitters globally. This paradox raises fundamental questions about global accountability, the fulfillment of climate financing pledges, and the urgent need for justice. Prime Minister Shehbaz Sharif’s recent remarks at the COP29 conference are a sharp reminder of the unfulfilled promises made by developed nations at previous climate summits. His words echo the frustration felt by many developing countries that face mounting climate-related disasters without the financial support promised at summits like COP26 (Glasgow), COP27 (Sharm el-Sheikh), and COP28 (Dubai). In these forums, wealthy nations committed to mobilizing climate finance to assist developing countries, yet as Pakistan and others can attest, these promises remain largely unmet. In particular, COP27 and COP28 saw commitments to channel billions of dollars into the global climate fund, yet these funds are either slow to arrive or burdened by loan conditions that push countries deeper into debt rather than offering real relief. Pakistan, in its climate diplomacy, has consistently argued that climate finance should be grant-based, not loan-based. Prime Minister Sharif was outspoken in his call for this shift during his address at the World Leaders Climate Action Summit, stating that without climate justice, true resilience will remain unattainable. This position is not merely a plea for help but an indictment of a broken financial system that continues to prioritize loans over grants, adding to the debt burden of nations already on the brink of economic collapse. According to Sharif, developing nations need approximately $6.2 trillion by 2030 to meet their Nationally Determined Contributions (NDCs) and to fund the costly adaptation and loss-and-damage initiatives needed to survive the climate crisis. These sums are not arbitrary; they reflect the real cost of achieving the Paris Agreement’s goals while addressing the devastating impacts of climate change on vulnerable countries. Without these funds, Pakistan, along with many others, will continue to suffer under the weight of environmental disasters without the means to build the infrastructure necessary to cope with them. The ongoing crisis has highlighted that climate justice is fundamentally linked to financial equity. Nations like Pakistan, which contribute little to global emissions, should not be expected to bear the financial burden of climate change without equitable compensation. The Prime Minister made it clear in his address that the $30 billion worth of damages caused by the 2022 floods, which displaced millions and claimed over 1,700 lives, should not be ignored in the global response. Instead of simply providing funds, the international community must ensure that these resources are non-repayable grants to alleviate the debt burden, as Sharif pointed out. This demand is not isolated; other world leaders have joined in the call for an overhaul of the global financial system. At COP29 in Azerbaijan, there was a strong push for rethinking how financial flows are directed, with a particular focus on filling the gaps in current climate financing mechanisms. The Prime Minister of Pakistan also argued that the world needs to rethink how these funds are accessed, ensuring that vulnerable countries are not left behind in the fight against climate change. For a country like Pakistan, which faces one of the most alarming rates of glacial melting globally, the stakes are incredibly high. Pakistan’s glaciers, which provide vital water to the Indus River and sustain millions of people, are shrinking at an unprecedented rate, leaving millions vulnerable to water shortages and natural disasters. Moreover, Pakistan’s adaptation and mitigation plans—such as shifting 60% of its energy to green sources and moving towards a cleaner transport system by converting 30% of its vehicles to electric power—are ambitious but heavily reliant on international support. The Prime Minister stressed that Pakistan’s commitment to these goals will be undermined if the global community does not come forward with the promised funds, particularly in the face of the climate-induced disaster risks Pakistan faces daily. The Pakistan Pavilion at COP29 hosted a critical dialogue on climate financing, bringing together stakeholders from across the world to push for more equitable systems that prioritize vulnerable nations’ needs. A key theme that emerged during this summit was the global consensus on protecting natural resources, such as glaciers, which are fast disappearing due to rising temperatures and increasing pollution. With over 7,000 glaciers providing water to millions, Pakistan is at the forefront of efforts to safeguard these resources. However, as Pakistan’s glaciers continue to shrink, the country faces mounting risks of catastrophic flooding from glacial lake outbursts, putting the lives of over 7 million people in danger. This scenario is compounded by extreme weather patterns that have already caused immense damage. The international community must recognize that Pakistan’s future depends not only on reducing emissions but also on protecting and preserving its critical natural resources. At COP29, Pakistan also called for an international financial reform to ensure that climate finance is not only adequate and accessible but also transparent and accountable. While global promises have been made, the delivery has been lackluster at best. Countries in the Global South, which are least responsible for climate change, are suffering the most, yet they are repeatedly sidelined in the financial discussions. Without an urgent shift in priorities, the gap between the haves and have-nots in the climate crisis will continue to widen. Pakistan’s struggle is emblematic of a broader global issue, where the voices of the most vulnerable nations are too often ignored or undervalued in the face of financial and political realities. The need for climate justice—a term that encapsulates the fight for equitable resources to address climate impacts—is more pressing than ever. The failure to meet past pledges, especially at COP27 and COP28, exposes the international community’s unwillingness to fulfill its promises, further deepening the divides between the developed and developing world. Pakistan’s call for climate justice is not just about addressing the past but about creating a more equitable and resilient future for all. The government’s commitment to mitigating the climate crisis is clear, but it requires the international community to do its part. As Prime Minister Sharif aptly put it, Pakistan can’t do it alone. Without the promised support and real action on climate financing, the future for Pakistan—and many other vulnerable nations—remains uncertain. For climate justice to be achieved, global pledges must be honored, financial systems must be reformed, and the impacts of the climate crisis must be addressed with the urgency and solidarity they demand. In essence, the fight for climate justice is not just an environmental issue; it is a moral and financial imperative. The failure to act on the unmet pledges made at previous summits is a betrayal of vulnerable nations like Pakistan, who continue to fight the fallout from a crisis they did not create. It is time for the global community to acknowledge its responsibility and commit to meaningful action—financially and morally—if we are to build a just and sustainable future for all.