Pakistan Seeks Global Aid to Combat Climate Change
The emphasis on collective action and the need for grant-based financial support from developed countries highlights the complexity and urgency of Pakistan's climate situation, a country facing severe climate impacts despite its minimal contribution to global emissions, prompting a global call to action for climate resilience and sustainability.
Finance Minister Muhammad Aurangzeb has stressed the need for speedy implementation of policies to address climate change-related challenges in Pakistan, a country highly vulnerable to the impacts of global warming despite having less than 1% of global emissions.
The minister highlighted the urgency for mitigation efforts, referencing the National Adaptation Plan (NAP) and the National Climate Finance Strategy (NCFS) as key initiatives to close the estimated $348 billion climate finance gap by 2030. He expressed gratitude to the Vulnerable Twenty (V20) group for their work on a comprehensive climate prosperity plan, underscoring the importance of collective action.
The State Bank of Pakistan (SBP) is set to issue guidelines on a green economy framework, a move seen as crucial for a sustainable future. This comes alongside progress on the macroeconomic front, with inflation dropping to 2.4% in January, and efforts to strengthen the tax net through structural reforms and agricultural income tax legislation. The government is also taking austere measures to curtail state expenditures.
Prime Minister Shehbaz Sharif emphasized the dire situation, noting that one-third of Pakistan was submerged by floods, displacing 33 million people and killing 1,700. The country's climate situation is considered "frightful," with 47% of its agricultural land potentially becoming unsuitable for farming by 2050 without urgent action. A two-day moot on climate resilience concluded with a call for collective action and coordinated efforts to address the escalating environmental crisis.
The conference underscored the need for joint efforts from both government and private sectors to develop climate resilience strategies, recognizing that the climate crisis requires a coordinated effort across governments, businesses, and civil society. Key takeaways include the urgent need for funding for adaptation initiatives and the recognition that climate action is not just an environmental concern, but a fundamental issue of economic security, social justice, and national sovereignty.
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