Prime Minister Shahbaz Sharif, speaking at the COP29 conference currently underway in Azerbaijan’s capital, Baku, highlighted pressing issues in the global climate change response infrastructure. He argued that too much of the conversation remains focused on individual initiatives rather than collective action. More troubling, he noted, is that assistance for nations most in need is being offered primarily as loans, burdened with problematic interest terms, instead of grants and aid. This financing structure, he stated, creates a “mounting debt trap,” which can ultimately become a “death trap” as countries fall into cycles of debt they cannot manage. As a result, many are prevented from fully engaging in the climate resilience efforts they urgently need.
Pakistan is not alone in facing this dilemma. Much of South Asia, Africa, South America, and other global south regions share this challenge. Time and again, these countries have raised concerns that the developed world—incidentally the largest producers of carbon emissions and other pollutants—fails to approach the climate crisis with seriousness. Instead, these wealthy nations offer loans that ultimately benefit themselves through interest payments, rather than recognising the consequences of their own actions and providing much-needed grants. Prime Minister Sharif rightfully called for climate financing as an urgent necessity, pointing out that developing countries need an estimated $6.8 trillion by 2030 to implement even less than half of their current nationally determined contributions (NDCs).
While $6.8 trillion may appear daunting, it is modest compared to the collective military budgets many countries maintain annually. When we consider that military activities—from large aircraft operations to bombings—also contribute significantly to climate change, often at levels far exceeding industrial emissions, reallocating some of these funds towards climate resilience becomes a viable goal. However, Prime Minister Sharif appears to be among the few leaders who genuinely believe in the potential of this platform to drive meaningful change.
This year’s COP29 platform was marked by the absence of several key figures, notably U.S. President Joe Biden, Chinese President Xi Jinping, Indian Prime Minister Narendra Modi, and French President Emmanuel Macron. Even as Prime Minister Sharif criticised the global disregard and lack of seriousness towards climate change, the absence of leaders from some of the world’s largest nations underscores his point all too well.
