PAKISTAN needs an investment of about $340 billion by 2030 to deal with the challenge of climate change, which is equivalent to 10 percent of its cumulative gross domestic product (GDP), caretaker Finance Minister Shamshad Akhtar said on Wednesday. Addressing a climate conference organized by Overseas Chambers of Commerce and Industry (OICCI), he noted that countries like Pakistan have to make a choice between prioritizing the spending on development and climate change.
The country has experienced the wrath of climate change firsthand, with devastating floods ravaging the nation in 2022. These catastrophic floods wrought havoc, leading to massive displacement, loss of life and the destruction of critical infrastructure. The repercussions of this natural disaster reverberated across the nation, amplifying the already existing challenges of a developing economy struggling to find its footing amidst a changing climate. As Shamshad Akhtar eloquently put it, the country will be spending a staggering Rs200 billion on climate change impacts by 2030. The magnitude of this financial commitment cannot be underestimated, as it poses a significant strain on the country’s financial resources. The relentless tug-of-war between allocating funds for climate mitigation and prioritizing developmental projects is an ever-present predicament. The need for substantial climate finance to avert the impending crises often leaves developmental initiatives at the backburner. The Finance Minister’s statement brings to light the pressing need for international support and collaboration in addressing this global challenge. Developed nations, with their greater financial capabilities and advanced technological prowess, must step up and extend a helping hand to countries like Pakistan. It is imperative that they play a pivotal role in providing the necessary financial aid and expertise to build climate-resilient infrastructure and implement effective adaptation strategies. Such support is not merely an act of altruism but a moral obligation to ensure global solidarity in combating the adverse impacts of climate change. The repercussions of climate change are not confined to geographical boundaries; they transcend borders and affect the global community at large. Therefore, it is incumbent upon the international community to recognize the urgency of the situation and collaborate effectively to mitigate the adverse impacts of climate change, ensuring a sustainable and secure future for all.
