Is ‘Global Shield’ Better Late than Never?
After nine days of intense negotiations at COP27, Pakistan’s relentless efforts for climate justice have finally paid off to some extent. The country will be among the first to receive funding from the “Global Shield” climate initiative, backed by the G7 and announced on Monday. This scheme aims to compensate climate-vulnerable countries for the devastating impacts of the “climate carnage” caused by developed nations.
The current commitment under “Global Shield” exceeds $200 million, with Germany contributing $170 million, France pledging $60 million over the next three years, Ireland offering $10 million, Canada providing $7 million, and Denmark contributing $4.7 million.
Although this funding is considered “long overdue,” it falls short in terms of the amount raised and the number of contributing countries, considering the scale of the crisis and the historical responsibility of developed nations as major greenhouse gas emitters.
A climate change report published by KASB Securities prior to COP27 reveals that cumulative greenhouse gas emissions from the developed world have far surpassed those from developing countries. From 1971 to 2020, the G7 alone accounted for 34.5% of the world’s total emissions in the energy sector, with the United States being the leading emitter responsible for almost 20% of global emissions. This is nearly 56 times higher than Pakistan’s emissions. Disappointingly, the world’s largest economy has not contributed any funds to the “Global Shield” plan.
While concerns persist about the global scope of “Global Shield,” the world is witnessing record-high CO2 emissions due to economic recovery from the COVID-19 pandemic, leading to increased emissions from power plants and coal consumption.
The KASB report emphasizes the urgent need for increased technical and financial support to combat climate change, especially since 2022 is already on track to become one of the hottest years on record.
Beyond the ‘Global Shield’
The UN Adaptation Gap Report reveals that estimated climate adaptation costs are 5-10 times higher than the current level of public adaptation finance. The world expects the United States and the European Union to fulfill their $100 billion climate finance commitment to developing countries and take the lead in reducing emissions to ensure the right to development for these nations.
Furthermore, equitable and reasonable emission reductions standards should be established. President Biden has set a target of reducing carbon emissions by 50-52% by 2030 compared to 2005 levels. However, even with a 50% reduction, the United States’ per capita emissions in 2030 would still be nearly 2.2 times the current global average, as per the Emission Database for Global Atmospheric Research (EDGAR).
“What has happened in Pakistan will certainly not remain confined to Pakistan. Climate change impacts know no borders and wreak havoc globally. Considering the current pace of change, we need to triple the climate financing targets of $100 billion, ensuring that this funding is actualized, transparent, and efficiently transferred,” said Pakistani Climate Minister Sherry Rehman in an interview with Nikkei Asia before COP27.
Pakistan’s Response to Climate Change
Pakistan has been closely collaborating with the international community, particularly with its neighbor China, to tackle this immense challenge.
“We believe that China’s solutions to climate change are more applicable to countries like Pakistan. As a developing nation itself, China can better understand the realities of other developing countries and formulate more suitable and effective plans to combat climate change,” the report states.
In a recent joint effort, Pakistan and China will launch a Green Corridor focusing on agricultural environment, food security, and green development. This collaboration demonstrates the commitment of both countries towards a greener future.
In Pakistan’s power sector, the largest source of carbon emissions, significant strides have been made. The Alternative Energy Development Board (AEDB) recently introduced a policy for a 10,000 MW solar PV energy initiative, which, according to the CEO of AEDB, necessitates a $6 billion investment.
In an interview, the CEO highlighted that Chinese companies and banks are well-suited to finance these projects due to their existing involvement in various power projects within Pakistan.
Conversely, China is actively encouraging the participation of its companies in Pakistan’s pursuit of green, low-carbon, and environmentally friendly development. This commitment was reaffirmed in a Joint Statement between China and Pakistan released during Prime Minister Shehbaz Sharif’s state visit to China this month.
The Joint Statement further emphasizes the appreciation for Pakistan’s initiative in combating human-induced climate change and China’s effort to promote green cooperation under the Belt and Road Initiative. Both sides have agreed to strengthen cooperation in areas such as ecosystem restoration and water resource management.
Collaborating with China, Pakistan plans to launch a Green Corridor, focusing on the agricultural environment, food security, and green development. This joint initiative represents the shared commitment of these two nations towards building a sustainable future.
By investing in renewable energy and fostering bilateral cooperation, Pakistan and China are taking concrete steps to combat climate change and contribute to a greener and more sustainable world.
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