EDITORIAL: As the world gathered in Dubai for the 2023 United Nations Climate Change Conference (COP28), the urgency for global climate action that would help avert an environmental disaster of gigantic proportions was never more pronounced. On December 13, two weeks of heated debate finally culminated in the 194 nations in attendance agreeing to “transition away” from fossil fuels.
This is indeed a historic and meaningful moment as it has taken 28 years of annual climate summits for the world to finally utter the magic words that would hopefully mark “the beginning of the end of fossil fuels”, as described by the European Union’s commissioner for climate action.
The agreement calls for “transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner”. It described the coming decade as a “critical” one for climate action, calling on the world to cut greenhouse gas emissions by 43 percent by 2030 compared with 2019 levels. In addition, the agreement also recommitted to no net greenhouse gas emissions by 2050 in hopes of meeting the goal of checking global warming at 1.5 degrees Celsius above pre-industrial levels.
While there has been some comment on how the COP28 agreement does not go far enough to ensure the phase-out of oil, gas and coal, the fact that it was able to get the backing of even those nations whose economies, historically, have been heavily dependent on fossil fuels, namely the Gulf countries, is commendable indeed.
A significant aspect of the COP28 was the establishment of the Loss and Damage Fund, something for which Pakistan had championed fervently in last year’s climate summit. The establishment of this $700 million fund is meant to provide the much-needed support to countries that have borne the most damage due to the impact of climate change. While the need for such a fund was always paramount, one wonders how the amount that has been pledged will even begin to cover the harm that climate-vulnerable countries have suffered in recent years. Pakistan alone faced damage amounting to $30 billion last year in the wake of calamitous floods. Countries that have historically been most responsible for global warming causing climate change have disappointed on this front, with the US only pledging a measly $17 million.
The development of renewable energy avenues for emerging economies is also going to be a tall order, with a UN report presented at the COP28 estimating that climate finance of $2.4 trillion per year is needed in developing economies by 2030. The historic responsibility for the global climate crisis lies at the feet of countries like the US, UK and the EU, but their commitment to alleviating its impact remains questionable at this stage given the less than satisfactory financial quantums they have committed to.
For Pakistan, a major challenge will be to balance its current energy needs with the need to switch over to renewable energy sources. While the country has launched projects in recent times that aim to reduce greenhouse gas emissions and promote renewable energy sources, the need to combat energy shortages has also seen policymakers seeking to quadruple domestic coal-fired capacity. It is not clear how Pakistan would be able to finance its coal needs given that Development Finance Institutions (DFIs) now restrict their financing for coal and oil projects.
Despite some question marks surrounding certain aspects of the COP28 agreement, its significance cannot be downplayed. There is now a glimmer of hope in the battle against climate change. There is, however, a long road ahead and the true measure of success will lie in how effectively the COP28 agreement is implemented and built upon in the future.
Copyright Business Recorder, 2023
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