Pakistan is facing an urgent need for $348 billion by 2030 to meet its climate adaptation and mitigation targets, according to Finance Minister Senator Muhammad Aurangzeb. Speaking virtually at the 3rd Pakistan Climate Conference, organized by the Overseas Investors Chamber of Commerce and Industry (OICCI), Aurangzeb highlighted the country’s critical climate challenges and emphasized the role of climate finance in addressing them.
The two-day event brought together policymakers, business leaders, and environmental experts to discuss the growing climate crisis and explore solutions. With Pakistan ranking among the top 10 most climate-vulnerable nations and the 2022 floods causing over $30 billion in damage, the need for urgent action has never been more pressing.
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Aurangzeb stressed that mobilizing sufficient climate finance is crucial, especially through international funds such as the Green Climate Fund (GCF) and the Adaptation Fund. He pointed to the success of Pakistan’s first green Eurobond in 2021, which raised $500 million, as evidence of the country’s potential to attract sustainable investments. To scale up efforts, the government is looking at innovative financing tools like green bonds, sustainability-linked loans, and carbon credits, which would empower the private sector to take a larger role in climate action.
The finance minister also noted the World Bank Group’s recent approval of a $20 billion, 10-year Country Partnership Framework focused on climate resiliency and decarbonization. He emphasized the importance of private sector involvement, urging businesses to develop green, investable projects that align with the country’s climate goals.
Dr. Shamshad Akhtar, Chairperson of the Pakistan Stock Exchange, reinforced the economic risks of climate change and the need to integrate resilience into national economic strategies. Yousaf Hussain, President of OICCI, reiterated the importance of public-private partnerships and collective action to address Pakistan’s climate vulnerability.
With the nation’s future hanging in the balance, the conference served as a call to action for a collaborative approach to tackling climate change and ensuring long-term sustainability. The event will continue to explore actionable strategies, including policy recommendations and business innovations for driving the green transition.