devastating floods of 2022, <\/a>the finance minister said the 2025 floods were even more intense and widespread, with three rivers and almost the entire country affected.<\/p>\n\n\n\n\u201cDespite some demands to seek international funding, the government decided not to, as it deemed there was a fiscal buffer and fiscal space available,\u201dAurangzeb said. \u201cLet\u2019s first use the funds that are available now and put them to good and effective use.\u201d<\/p>\n\n\n\n
The minister said the \u201cball on climate funding\u201d was now in Pakistan\u2019s court and stressed that macroeconomic stability was as essential as \u201cbasic hygiene\u201d to unlock climate-related financing.<\/p>\n\n\n\n
He also emphasised the need for coordinated efforts among all ministries to bring the climate change discourse into the mainstream, warning that otherwise it would remain confined to academic discussions.<\/p>\n\n\n\n
\u201cIt is quite clear that we have to work very closely with our counterparts, including the ministries of climate change and planning. We need to take a whole-of-government approach,\u201d he said.<\/p>\n\n\n\n
Adeel Abbas, senior climate change specialist and regional climate lead at the World Bank Group, presented global statistics on climate financing and noted that tackling climate change was a collective responsibility requiring efforts to bridge the \u201chuge financing gap\u201d.<\/p>\n\n\n\n
Explaining climate financing, he described it as an \u201cinnovative instrument\u201d that can utilise revenues generated through carbon finance.<\/p>\n\n\n\n
\u201cWhile we say $6.3 billion is required for climate, we know that more than $28 trillion was invested last year in long-term structured financing, so those resources are there in the global economy,\u201d he said.<\/p>\n\n\n\n
Dr Murtaza Syed of the Asian Infrastructure Investment Bank said fiscal risks and macroeconomic vulnerabilities made it \u201cvery difficult\u201d for developing countries to access climate finance.<\/p>\n\n\n\n
\u201cWe do not have enough financing going for emerging markets and developing economies, and yet the global fight against climate change cannot be won without these countries on board,\u201d he said.<\/p>\n\n\n\n
However, he also stressed the importance of domestic financing, stressing that countries like Pakistan could not rely solely on external funding to mobilise the required resources.<\/p>\n\n\n\n
Pakistan Banks Association Chairman Zafar Masud said Pakistan needed to declare a climate emergency and ensure it translated into action rather than remaining a policy statement. He also proposed the \u201cradical idea\u201d of establishing a climate-specialised bank.<\/p>\n\n\n\n
\u201cThere is no lack of funding, both locally and internationally. The real issue is mindset and awareness. People need to be made aware of how climate change can directly impact them,\u201d Masud said.<\/p>\n\n\n\n
Speaking on climate financing, Anouj Mehta, adviser at the Asian Development Bank, highlighted the issue of affordability and questioned how green bonds could be made more accessible. In this regard, he cited the examples of bonds floated by Thailand and Uruguay.<\/p>\n\n\n\n
Another session titled \u201cFrom Pipelines to Capital: Delivering Climate Finance at Scale\u201d featured Alain Beauvillard, director of strategy, policy and innovation at the Green Climate Fund (GCF); Shauzab Ali, principal project officer at ADB; and Hamza Ali Haroon, regional director for South and West Asia at the CVF-V20 Secretariat.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD(National Times)- Pakis\u00adtan has adequate local fin\u00ada\u00adncial capacity to address the impact of climate change, Finance Minister Muhammad Aurangzeb said on Tuesday, stressing that the country should first utilise available domestic resources effectively instead of immediately seeking international support. He was speaking at a session titled \u2018Mobilising Climate Financing for Pakistan\u2019 during the Breathe Pakistan Climate […]<\/p>\n","protected":false},"author":2,"featured_media":125441,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-125440","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest_news","entry"],"yoast_head":"\n
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