Pakistan struggles with a dual threat: devastating climate crisis impacts and a financial struggle to overcome them. Caretaker Finance Minister Dr Shamshad Akhtar paints a stark picture, revealing the country’s need for a colossal $340 billion by 2030 to tackle both climate and development challenges.
Ranked 5th on the Global Climate Risk Index, Pakistan stands among the world’s most vulnerable nations. Past floods, droughts, and heatwaves have wreaked havoc. The 2022 floods alone claimed over 1,700 lives and affected over 33 million.
Despite contributing less than 1% of global carbon emissions, Pakistan faces a brutal trade-off: choosing between development finance and funds to combat climate crisis. The $340 billion target represents 10% of Pakistan’s cumulative GDP for the next eight years, highlighting the enormity of the challenge.
Seeking innovative solutions, Pakistan aims to attract institutional investors. And also issue green bonds and Sukuk (Islamic financing instruments) through its stock exchange. International donor support, exceeding $9 billion for flood recovery in 2023, offers hope for new financing models to aid developing countries facing climate catastrophes.
Read also: https://theclimatepost.com/pakistan-announces-three-water-and-climate-initiatives-following-karachi-conference/
Pakistan’s story serves as a stark reminder of the urgent need for global action. Developed nations must fulfill their commitments to provide climate financing and technological assistance to help developing countries. To adapt and mitigate the impacts of climate change. Only through collective action can we ensure a future where nations like Pakistan rise above the storm.
