ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif on Wednesday expressed hope the UN’s ongoing COP29 climate summit would transform into a “Finance COP” by restoring confidence in the pledging process and increasing climate finance for vulnerable, developing countries.

The main task for nearly 200 countries at the COP29 summit from Nov. 11-22 is to broker a deal that ensures up to trillions of dollars in financing for climate projects worldwide. 

Pakistan is ranked the 5th most vulnerable country to climate change, according to the Global Climate Risk Index. In 2022, devastating floods killed over 1,700 people and affected over 33 million, with economic losses exceeding $30 billion. International donors pledged over $9 billion last January to aid Pakistan’s flood recovery but officials say little of the promised funds have been received so far.

Speaking on the sidelines of the World Leaders’ Climate Action Summit on Tuesday, Sharif said developing countries would need an estimated $6.8 trillion by 2030 to implement less than half of their current nationally determined contributions (NDCs), or national action plans for reducing emissions and adapting to climate impacts defined by the Paris Agreement.

Most of the world’s climate-friendly spending so far has been skewed toward major economies such as China and the United States. Africa’s 54 countries received just 2 percent of global renewable energy investments over the last two decades.

“We believe that under Azerbaijan’s able leadership, COP29 can transform into a Finance COP by restoring confidence in the pledging process and scaling up climate finance,” Sharif said in his address to the World Leaders’ Climate Action Summit on Wednesday. 

“I strongly feel that climate finance must be grant-based and not add to the debt burden of vulnerable developing countries.”

He said COP29 should make it clear that financial pledges committed during COP27 and COP28 must be fulfilled, as many had yet to materialize.

As minimal emitters, countries like Pakistan should not have to bear the brunt of emissions caused by others, Sharif added, especially without the necessary tools to finance climate resilience.

“Without climate justice, there can be no real resilience and I don’t want other countries to face the plight Pakistan faced back in 2022,” he added, referring to floods. 

Wealthy countries pledged in 2009 to contribute $100 billion a year to help developing nations cope with the costs of a transition to clean energy and adapting to the conditions of a warming world.

Those payments began in 2020 but were only fully met in 2022. The $100 billion pledge expires this year.

Countries are negotiating a higher target for payments starting next year, but some have been reluctant to confirm its size until it is clear which countries will contribute. Instead, they are circling around the idea of a multi-layered target, with a core amount from wealthy countries’ government coffers, and a larger sum that includes financing from other sources such as multilateral lending institutions or private investors.

In the past, public money made up the bulk of contributions to the $100 billion goal.

Donald Trump’s victory in the US election has overshadowed the COP29 talks, because of expectations he will halt US climate finance contributions.

That would leave a hole in any new global target that other donors would struggle to fill. Some climate negotiators also expect the overall target agreed at COP29 to be smaller, given the expected lack of contributions from the world’s biggest economy.

The US provided nearly $10 billion in international climate finance last year, less than the European Union’s $31 billion contribution.

So far, only a few dozen rich countries have been obliged to pay UN climate finance and they want fast-developing nations, such as China and Gulf oil nations to start paying as well.

Beijing opposes this, saying that as a developing country it does not have the same responsibility as long-industrialized nations like Britain and the United States.

While China is already investing hundreds of billions of dollars in electric vehicles and renewable energy abroad, it does so on its own terms. 

Any COP29 deal would need consensus approval.

With inputs from Reuters