Senator Sherry Rehman flags challenges for Pakistan ahead of COP 28

ISLAMABAD: Senator Sherry Rehman on Monday shed light on pressing issues and viable pathways for nations like Pakistan at the upcoming COP 28, stressing that while the global event might engender positive outcomes on many opportunities, it will likely not be a silver bullet in addressing the systemic disparities faced by developing countries in accessing public financing and drawing private investment for sustainable initiatives.

Addressing the “Accelerating Green & Climate Resilient Financing in Pakistan” event organized by the Foreign, Commonwealth, and Development Office (FCDO) in Islamabad, Senator Rehman talked about the challenges encountered by developing economies in navigating green financing and climate action.

Speaking about Pakistan’s specific circumstances, she voiced concerns regarding the state of international public financing and the nation’s preparedness to access such financing and effectively compete in a tough environment for green private investment, particularly for adaptation needs.

“The private sector is looking for returns, but even the public sector is making [the developing countries] compete with already resilient economies,” she said.

“There is no level playing field because you are competing with developed countries, and many other economies that are completely differently equipped and we are differently-abled in catching those projects.”

Senator Rehman highlighted the substantial impact of inaction, explaining how unchecked climate change could potentially cost the global economy a staggering US$178 trillion in net present value terms between 2021 and 2070. This would be the cost of inaction, she said.

Expressing realism tempered with optimism, she acknowledged the probable outcomes of COP 28, expecting advancements in commitments to renewables and emission reduction. However, she cautioned against expecting a seismic shift in public financing reaching countries like Pakistan. Instead, she envisaged a pathway opening for crucial dialogue and continued engagement, advocating for sustained efforts in addressing these challenges beyond COP 28.