Climate debt unpaid
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The United Nations Office for Disaster Risk Reduction (UNDRR) recently released a Global Assessment Report highlighting a dramatic surge of over 150% in annual direct disaster costs between the periods 1970-2000 and 2001-2020. A broader assessment of total economic losses, including indirect impacts, now exceeds an astonishing $2.3 trillion.
Despite these alarming numbers, the current trajectory of global climate action and disaster risk reduction foretells an even bleaker picture of the future. Currently, the international community only spends 2% of its development aid on disaster risk reduction, setting the stage for short-term financial reprieve but a worsened crisis in the longer run. Major climate disasters – earthquakes, floods, storms, droughts and heatwaves – will only increase in frequency and intensity, and an escalation is already being observed in the global arena.
The UN report indicates that agriculture is the most vulnerable sector to climate change, owing to extended droughts and heatwaves. This is particularly alarming for Pakistan, often ranked among countries most vulnerable to climate change, with over 40% of its labour force employed in the agricultural sector.
Countries like Pakistan with low- and lower-middle-income economies face disproportionate climate impacts and mounting losses, while wealthy countries contributing most to global warming remain free of liability. The US, the UK, EU and China are reportedly the largest climate polluters but promises for climate reparations have time and again fallen short.
In 2009, developed countries pledged $100 billion annually in climate reparations. After failing to meet the target, they repeated the promise in 2020 and again in 2023, yet it remains unfulfilled. These reparations are not only essential to offset climate disaster losses, but also to address the legacy of colonial plundering that left underdeveloped nations ill-equipped to face global warming.
Without urgent, accountable action from wealthy nations, the global climate crisis risks greater losses and even greater injustice.
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EDITORIAL: The UN's latest report on disaster risk couldn't be clearer: the world is haemorrhaging money, lives, and futures to disasters, and doing next to nothing to stop it. The price tag has now ballooned to US$2.3 trillion a year — when cascading and ecosystem effects are counted — and yet just two percent of development aid is spent on reducing disaster risk. That's not a blind spot. That's willful neglect. Pakistan, like many climate-vulnerable nations, is caught in the crosshairs. The 2022 floods alone inflicted US$30 billion in damages, killed over 1,700 people, and triggered a sovereign credit downgrade that continues to shape investor sentiment. And that was just one event, in one year. With floods rising by 134 percent since 2000 and over one-third of the world's children now exposed to water scarcity, this is no longer about disaster management — it's about survival strategy. The report lays out the scope with terrifying precision. Earthquakes, storms, heat waves, droughts, and floods caused US$180 to US$200 billion in annual losses from 2001 to 2020. In 2023 alone, these 'big five' disasters triggered over US$195 billion in direct losses — just shy of 0.015 percent of global GDP. But for low- and middle-income countries like Pakistan, that slice represents a far bigger bite out of development and fiscal capacity. The global funding gap remains the single biggest obstacle. Time and again, donors show up for photo-ops, make pledges at high-profile summits, then quietly walk away when it comes time to pay up. Even where commitments are honoured, disbursements are slow, conditional, and riddled with red tape. Meanwhile, exposure to climate disasters grows more lethal with each delay. This is particularly damaging for countries that depend on capital markets to bridge fiscal deficits. Climate-induced disasters aren't just humanitarian tragedies — they're balance-sheet shocks. Credit ratings nosedive. Risk premiums surge. Market access dries up. As the report warns, climate shocks are increasingly being priced into sovereign debt. The implications for already-indebted nations are brutal: no money for prevention, no resilience when disaster hits, and no fiscal space to rebuild. For Pakistan, whose schools shut down due to extreme weather and whose agriculture sector remains deeply exposed to drought and flood cycles, the window to act is closing fast. Already, the country has faced over eight major agricultural drought events since the 1980s — part of a larger regional pattern stretching from Central Asia to northwest India. The link to El Niño and La Niña cycles is well established, but policy alignment remains patchy and underfunded. There's a myth that resilience is expensive. The truth is that inaction is ruinous. Risk reduction spending remains stuck at two percent of aid because disaster prevention doesn't cut the same political ribbon as emergency relief. But underestimating disaster risk — as the report states — means under-valuing the immense economic and human cost of doing nothing. It's time for a reality check. Countries like Pakistan cannot keep absorbing billion-dollar losses without structural financing to reduce exposure. It's not just about building back better — it's about building forward safer, with real capital, not empty promises. That requires both international pressure and domestic resolve: pressure on donors to pay what they pledge, and domestic discipline to channel funds toward future-proofing the economy. Without that, we're not bracing for disaster — we're budgeting for collapse. Copyright Business Recorder, 2025
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According to the Foreign Office, the delegations were scheduled to engage in a series of meetings with the leadership of international bodies, public office holders, senior officials, parliamentarians, think tanks, media and diaspora. Bilawal started his two-day visit to New York with an interview with a foreign news channel. Later, he met with China's Permanent Representative to UN Fu Cong and Russia's Permanent Representative Vassily Nebenziaand. According to Express News, Bilawal thanked China for supporting Pakistan during the conflict with India. He apprised the Chinese ambassador of Pakistan's responsible behaviour after April 22 attack in the Indian Illegally Occupied Jammu and Kashmir (IIOJK) resort of Pahalgam. Bilawal said that India had rejected Pakistan's offer for a transparent and impartial investigation into the attack. He stressed that the resolution of the Kashmir issue was indispensable for a lasting peace in South Asia. The Pakistan delegation urged China to play its role in this regard. While expressing serious concerns over India's targeting of Pakistani citizens during the four-day conflict, the delegation urged the international community to move beyond conflict management and towards dispute resolution. During the meeting, there were unanimity between both sides in opposing unilateral actions and aggression. Both the sides emphasised the need for respecting the UN Charter, international laws and agreements. They also opposed India's decision to weaponise water. The delegation comprised Dr Musadik Malik; Sherry Rehman; Hina Rabbani Khar; Engr Khurram Dastgir Khan; Faisal Subzwari; Bushra Anjum Butt, Ambassador (retd) Jalil Abbas Jilani, and Ambassador (retd) Tehmina Janjua. Later, the delegation briefed the Russia's UN ambassador on the situation following the Pahalgam attack, rejecting India's baseless accusations against Pakistan without any evidence, and highlighting its premature and unilateral actions, including the holding in abeyance of the Indus Waters Treaty. He noted that Pakistan's measured and proportionate response - guided by restraint and international law - was aimed at preserving regional peace and avoiding a wider conflict. He underlined that Pakistan was the biggest victim of terrorism in which more than 80,000 civilians have lost their lives. He also apprised the Russian diplomat of India's sponsorship of terrorism inside Pakistan. He underscored that durable peace in the region hinged on the just and peaceful resolution of the Jammu and Kashmir dispute in accordance with international law. On the occasion, Climate Change Minister Musadik Malik highlighted the humanitarian implications of holding the IWT in abeyance. Highlighting Pakistan's mature and restrained approach, the delegation reiterated the country's commitment to peace, dialogue, and regional stability. In an interview earlier, Bilawal reiterated Pakistan's desire for peace through "dignity, strength and diplomacy", and termed India's actions after the Pahalgam attack dangerous and a violation of the international law. "No lasting solution is possible without resolving Jammu and Kashmir dispute," he said, emphasising that the current ceasefire should lead to permanent peace, which would come through the resolution of the Kashmir dispute in line with the UN Security Council resolutions and aspirations of Kashmiri people. India's unilateral decision to hold Indus Water Treaty (IWT) in abeyance violated the international law and the treaty obligations. "By unilaterally suspending the IWT, India has set a dangerous precedent with implications for regional peace and security," he warned. He added that Pakistan wanted that the international community played its role in facilitating dialogue between Pakistan and India. "We are ready to talk to India on Jammu and Kashmir; IWT and terrorism," Bilawal pointed out. He also said Pakistan is a victim of terrorism; from political leadership to military to Pakistani citizens; we have been affected by terrorism. "While India committed naked and blatant act of aggression by violating international border, Pakistan acted in self-defence," he said. The delegation's US engagements on Tuesday, included meetings with the US lawmakers, think tanks, and media representatives. A meeting of the Pakistani delegation with US Secretary of State Marco Rubio is also on the cards. The visits of the delegations aim at projecting Pakistan's perspective on the recent Indian aggression. The Foreign Office said that they would engage in a series of meetings with the leadership of international bodies, public office holders, officials, parliamentarians, think tanks, media and diaspora. "The delegations will highlight Pakistan's responsible and restrained conduct – seeking peace with responsibility – in the face of India's reckless and belligerent actions. They will also highlight that dialogue and diplomacy should take precedence over conflict and confrontation," the Foreign Office said. "The delegations will underscore the imperative for the international community to play its due role in promoting a lasting peace in South Asia. The need for immediate resumption of the normal functioning of the Indus Waters Treaty will also be a key theme of the delegations' outreach." Meanwhile, responding to media queries concerning a flurry of antagonistic statements made by the Indian leaders as well as remarks made by the Indian external affairs ministry spokesperson, the Foreign Office spokesperson said that facts could not be obscured by hollow narratives. The Indian leadership's recent remarks, including those made in Bihar, reflected a deeply troubling mindset that prioritised hostility over peace, the spokesperson stated. "Any attempt to portray Pakistan as the source of regional instability is divorced from reality," he added. According to the Foreign Office spokesperson, the international community was well aware of India's record of aggressive behaviour, including documented support for terrorist activities within Pakistan. "These facts cannot be obscured by hollow narratives or diversionary tactics." The spokesperson stated that the Jammu and Kashmir dispute remained the core issue and Pakistan would continue to stand firm in advocating for a just and lasting resolution to the dispute in line with the relevant UN Security Council resolutions and the aspirations of the Kashmiri people. "To sidestep this fundamental issue is to condemn the region to continued mistrust and potential confrontation," he said. "The developments of recent weeks have once again underscored the utter futility of jingoism and coercion," the spokesperson said. The spokesperson emphasised that "India cannot and will not achieve its objectives" through threats, misrepresentation, or force, saying that Pakistan was equally resolved to defend its sovereignty and territorial integrity against any aggression. "Durable peace in South Asia demands maturity, restraint, and a willingness to address the root causes of conflictnot the pursuit of narrow political gains at the expense of regional harmony," the Foreign Office spokesperson stated. (WITH INPUTS FROM KHALID MAHMOOD)
