THE climate summit in the UAE had a dramatic start: the Loss and Damage Fund (LDF) was established, a pledge to replenish the Green Climate Fund (GCF) was made, and the UAE-led Declaration on Sustainable Agriculture, Resilient Food Systems, and Climate Action was adopted. These were Pakistan’s major concerns in climate negotiations. If followed, these developments alone can keep us busy until the next summit, slated for the petro city, Baku.

There is more. Various other parties also made financial pledges on energy transition, agriculture and food security, water, urban planning, disaster risk reduction, the SDGs, regional collaboration, and philanthropic commitments. Most, however, will seek private sector leveraging and partnerships. This may not altogether be good news for Pakistan. We have for years struggled to attract foreign direct investment (FDI). A series of internal institutional and legal reforms are needed for an enabling environment for these pledges to flow into Pakistan.

The total pledges amounted to over $57 billion in the first four days of the conference, including $725 million for LDF, $3.5bn for GCF, $2.7bn for health, $2.6bn for nature-based solutions, $2.5bn for renewable energy, $1.2bn for relief recovery and peace, another $1.2bn to reduce methane emissions, $568m to encourage investment in clean energy manufacturing, and $467m for urban climate action. All these are areas of primary investment interest to Pakistan.

On another track, the UAE banking sector has pledged to leverage $270bn in green finance by 2030. This private investment fund, called Alterra, is aimed at financing climate projects in countries like Pakistan. COP28 president Sultan Al Jaber, who also........

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