Pakistan Secures Historic Climate Justice Victory at COP29 Amid Global Pressure

Pakistan climate finance COP29 was not just about financial negotiations; it was about justice for climate-vulnerable nations. As the official spokesperson of the G77+China block, Pakistan emerged as a diplomatic powerhouse, demanding concrete action to support countries bearing the brunt of climate impacts.

The Pakistan Economic Survey 2024-25, released this week, highlights Pakistan’s critical achievements during the summit. From securing record finance pledges to pushing for reforms in carbon markets, Islamabad reinforced its stance that climate justice must not be delayed.

Breakthrough: $300 Billion Climate Finance Goal

After weeks of heated negotiations, COP29 delivered a landmark agreement: the Baku Finance Goal. This framework sets a global climate finance target of $300 billion annually by 2035 to assist developing nations in climate adaptation and mitigation.

Pakistan and other G77 nations had initially demanded $1.3 trillion, reflecting actual needs. However, they accepted a reduced amount to ensure consensus.

“Although the figure only covers 23% of the estimated requirements, this is still a breakthrough,” said a senior Pakistani negotiator. “It holds developed nations accountable and is a stepping stone toward climate equity.”

External Resource: UNFCCC Climate Finance

Operationalizing the Loss and Damage Fund

Another major win for Pakistan climate finance COP29 was the full operationalization of the Loss and Damage Fund, a historic step forward for vulnerable countries still reeling from climate disasters.

Pakistan, recovering from its devastating 2022 floods that caused over $30 billion in damages, was a vocal proponent of activating the fund. Hosted by the World Bank, it will begin disbursing resources in 2025.

Initial pledges have crossed $730 million, with several donor countries committing funds despite earlier hesitations.

Progress on Carbon Markets and Article 6

A nine-year deadlock on the carbon market rules under Article 6 of the Paris Agreement was finally resolved at COP29—thanks in large part to Pakistan’s push for a flexible and fair system.

Pakistan advocated for:

• National control over carbon credits
• Simplified reporting for developing nations
• Mechanisms to ensure environmental integrity

The deal could potentially cut global climate mitigation costs by $250 billion annually, while still maintaining transparency.

“This is about sovereignty and fairness,” said Pakistan’s lead climate envoy. “Carbon markets must not become a tool for exploitation.”

External Resource: Carbon Market Watch

Baku Adaptation Road Map and GGA

Pakistan successfully negotiated for the integration of finance into the Global Goal on Adaptation (GGA)—a long-standing demand of climate-vulnerable countries.

This led to the creation of the Baku Adaptation Road Map, a framework to:

• Track adaptation finance
• Set measurable progress targets
• Ensure transparency in adaptation support

It marks the first time adaptation finance is treated on equal footing with mitigation—a core objective of Pakistan’s climate diplomacy.

Just Transition: Pakistan’s Wider Climate Justice Lens

Pakistan also led critical discussions on Just Transition, emphasizing that developing nations must not be forced into restrictive economic policies in the name of climate action.

Islamabad argued for:

• Flexibility in phasing out fossil fuels
• Technology access for low-carbon transitions
• Support for job creation and industrial transformation

Talks on Just Transition will continue in 2025, but Pakistan’s stance has already reshaped the dialogue by centering equity and economic sovereignty.

Internal Link: How Pakistan Is Navigating the Green Energy Transition

Conclusion: Equity Must Drive Global Climate Action

While COP29 resulted in several victories, Pakistan reminded the world that the road ahead remains steep. Without greater ambition, inclusiveness, and accountability, the Paris Agreement targets will remain out of reach.

The Pakistan climate finance COP29 success underscores the country’s commitment to global climate justice, but it also highlights a systemic underfunding gap. Climate finance must not become another broken promise.

“We have made historic progress, but justice delayed is justice denied,” said Pakistan’s Climate Change Minister. “Real climate action must be fair, inclusive, and adequately funded.”