Pakistan launched on Thursday its first National Climate Finance Strategy to address the escalating challenges posed by global heating by mobilising financial resources for climate mitigation and adaptation efforts, focusing on scaling up climate-related investments, attracting international finance and strengthening domestic financial systems.
Federal Finance Minister Muhammad Aurangzeb and Prime Minister’s Coordinator on Climate Change Romina Khurshid Alam jointly launched NCFS at Pakistan Pavilion in Baku on the sidelines of the two-week UN-led global climate conference (COP29).
“Its really a moment of pride for us to be able to roll out Pakistan’s first-ever climate finance strategy, a major step in our commitment to a sustainable and climate-resilient future,” PM’s climate aide Romina Khurshid Alam said in her keynote remarks at the launching event, says a press release
Explaining the strategy, she said that the climate finance strategy outlines a path to bridge the significant climate finance gap facing Pakistan –a gap we estimate at $348 billion by 2030 for our climate-resilient and low-carbon development goals. Ranked among the top 10 most climate—vulnerable countries, Pakistan experienced a $30 billion loss in the 2022 floods, directly affecting 33 million people. “Our NCFS primarily seeks to plug this gap by establishing a climate finance framework aligned with a whole-of-economy approach, aiming to climate-proof investments and allocate resources to our most vulnerable sectors and communities,” Romina Khurshid Alam remarked. She highlighted that Pakistan’s climate resilience vision 2050 encompasses resilient infrastructure and agriculture, climate-smart cities, and ecosystems that provide diversified livelihoods.
