Sherry calls for increased climate finance instead of $300bn at COP29

ISLAMABAD: Chairperson Senate Committee on Climate Change Senator Sherry Rehman expressed concern following the recent pledge made by developed nations at COP29 to provide $300 billion annually in climate finance for developing countries by 2035 and said that this figure is significantly lower than the $1.3 trillion requested by developing nations for the year 2030.

“It’s surprising and insufficient to meet the scale of global climate challenges,” she said while speaking to the BBC, adding that she was struggling to find some joy in this headline as first, we heard $1.3 trillion as the baseline for developing countries, but now $300 billion by 2035 feels like a letdown.

She said this is something frontline nations had to accept because, without multilateral tables, there’s no forum to address the egregious threat to our survival. “This decision reflects the harsh realities of global climate diplomacy. For us, it’s not just about a just energy transition, it’s about responding to an accelerated global climate emergency.”

Senator Sherry Rehman pointed out that the real battle for developing nations is not just about funding but about resilience and adaptation to the accelerating impacts of climate change. “The fight for our planet is rooted in how we build resilience to adapt to these rapidly escalating climate impacts,” she remarked.

Expressing solidarity with the developing world, Sherry Rehman voiced her reservations about the outcome of COP29. “I fully echo the concerns of the Global South. The pledge of $300 billion feels like an attempt to evade responsibility rather than a serious commitment to addressing the scale of the climate crisis.”

Sherry Rehman called for urgent action and accountability from developed nations, urging them to recognize the scale of the crisis and take meaningful steps to support those on the frontlines of climate impacts.