COP29: Key takeaways for Gilgit-Baltistan
By: Ashab Baig
The 29th Global Climate Summit – the Conference of the Parties (COP), concluded last month in Baku, Azerbaijan. The annual event brought together over 60,000 stakeholders, including leaders, policymakers, and representatives from governments, the private sector, and civil society.
During the summit, the global climate action gap was assessed, and the urgent need for concrete measures was reiterated. Empirical climate data of 2024 tell us that several regions of the world experienced their highest recorded temperatures, underscoring the lukewarm progress made by countries in meeting the commitments of the Paris Agreement, which is nearing its ten-year mark. This lack of progress is largely attributed to the persisting tangents between economic priorities and environmental imperatives. Different countries occupy distinct positions on the climate spectrum. Some nations contribute significantly to pollution but ignore global vulnerability to climate impacts, while others pollute minimally yet are far more vulnerable to climate-related risks. Advanced economies that are major polluters have a responsibility toward vulnerable nations with struggling economies. Ideally, climate finance should flow from high-polluting nations to those most affected by climate change. This principle serves as a core imperative for the annual COP meetings, and COP29 was no exception.
Pakistan consistently ranks among the top ten most climate-vulnerable countries in the world, largely due to the extreme climate vulnerability of its mountainous regions, particularly Gilgit-Baltistan. Climate change is arguably the one challenge that should unite all of humanity, yet a collective sense of urgency remains elusive. Despite these challenges, the parties at COP29 succeeded in drumming up key measures to strengthen global climate action. Notably, there was significant emphasis on enhancing climate finance and streamlining of carbon markets—both highly relevant in the context of the vulnerabilities faced by Gilgit-Baltistan.
After weeks of negotiations, COP29 established a new finance goal to support countries in adapting to and mitigating climate change, as well as protecting against climate disasters. The parties agreed to triple annual funding for developing nations, raising the previous annual target from $100 billion to $300 billion per annum by 2035. Additionally, a commitment was made to scale up climate finance from both public and private sources to reach $1.3 trillion per annum by 2035. While this increase marks a significant step forward compared to previous targets, it still may fall short when considering the likely severity of climate impacts by 2035. The COP29 also made significant progress in negotiations on Article 6 of the Paris Agreement. Regarding Article 6.2, which addresses the international trade of mitigation outcomes, COP29 clarified mechanisms for how countries should authorize carbon credit transactions while ensuring environmental integrity and transparency. Similarly, under Article 6.4, mandatory safeguards were introduced to protect the environment and uphold human rights. These advancements in Article 6 negotiations are crucial for establishing functional carbon markets, meeting the emission reduction targets of the 2016 Paris Agreement, and mobilizing climate finance effectively.
The Government of Pakistan has reaffirmed its commitment to establishing carbon market mechanisms through its National Climate Change Policy (2021). Recently, it has adopted a national carbon strategy aimed at enhancing access to global carbon markets. Furthermore, the country’s Nationally Determined Contribution (NDC) commits to a 50% reduction in emissions by 2030, comprising a 15% unconditional target to be met with domestic resources and a 35% conditional target reliant on external resource mobilization. At COP29, the parties agreed to revise their NDCs by 2025 to set more ambitious emissions reduction targets, driving progress in global climate action. Pakistan is committed to revise its NDCs in accordance with the negotiations of COP29.
The policy developments at COP29 and the national level create a unique opportunity to develop a tailored, context-specific carbon market strategy and action plan for Gilgit-Baltistan. By harnessing the potential of carbon markets, this mountainous region—known as the “third pole” due to its vast glaciated areas—can contribute significantly to both national and global climate action efforts. The growing global interest in carbon markets provides an opportune moment, making the transition to sustainable and net-zero technologies more accessible. This shift also facilitates cost reduction and the efficient mobilization of resources for climate mitigation. Gilgit-Baltistan holds substantial potential to develop a supply chain of tradable carbon credits through both technology-based and nature-based projects. These efforts will support local and national mitigation and adaptation priorities, increase investment in sustainable development, and improve the climate resilience of local communities.
The writer is a development consultant based in Islamabad. He can be reached at: asahab.baig@gmail.com
