Key Insights from COP28 in Dubai: 5 Significant Learnings for Pakistan

The closure of the UN’s COP28, among the world’s most crucial climate change gatherings, occurred this Tuesday.

Given Pakistan’s significant vulnerability to climate change, particularly following the severe 2022 floods, Business Recorder examined the pivotal announcements made during this year’s summit that hold particular importance for Pakistan.

1. ‘Recharge Pakistan’

Acting Prime Minister of Pakistan, Anwar-ul-Haq Kakar, introduced ‘Recharge Pakistan’ – a seven-year project with a budget of $77.8 million, aimed at utilizing nature to adapt to climate change effects. Described as a flagship endeavor, the project is pivotal for Pakistan’s efforts in mitigating flooding and drought impacts.

“The Recharge Pakistan project is central to our endeavors in lessening the impact of floods and droughts,” stated the interim PM. He added that apart from benefiting millions, this project aims to set a global precedent for climate innovation.

2. $100,000 Award for Pakistani Orphan School

KORT (Kashmir Orphans Relief Trust), managing one of the largest orphan schools in Mirpur, Azad Jammu and Kashmir, secured the prestigious $100,000 Zayed Sustainability Prize, acknowledging its contributions to climate change combat through education and awareness initiatives.

“We will utilize the award money to promote organic farming and water conservation in our Kashmir region,” expressed Zaib-un-Nisa, the school principal.

3. $30 Billion Climate Fund

UAE President Sheikh Mohammed Bin Zayed announced the creation of a $30 billion climate fund, ‘ALTÉRRA’, anticipated to drive $250 billion investment by the decade’s end. A substantial portion, $25 billion, will be directed to climate strategies, with an additional $5 billion incentivizing investments in the Global South.

4. Loss and Damage Fund

An agreement among nearly 200 nations was reached to establish a fund supporting nations impacted by global warming. Wealthier nations have pledged over $700 million to this loss and damage fund.

Interim Pakistani Prime Minister Anwaar-ul-Haq Kakar appreciated the support but emphasized the fund’s urgent operationalization and just utilization to address climate change issues.

5. Health and Agriculture Initiatives

COP28 highlighted updates concerning tropical diseases and climate-friendly farming. Funding for the Agriculture Innovation Mission for Climate (AIM for Climate), initiated during COP26, grew to over $17 billion. Moreover, pledges amounting to $777 million were offered to combat neglected tropical diseases exacerbated by rising temperatures, a significant concern for human health in the 21st century, according to COP28 President Sultan Ahmed Al-Jaber.

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