Former State Bank of Pakistan Governor Shamshad Akhtar stated that Pakistan requires $40 to $50 billion annually until 2050 to combat climate impacts. The country, contributing less than 1% to global emissions, faces severe challenges from climate change. Floods in 2022 caused $30 billion in damages, yet significant pledged funds remain unreceived.
Pakistan must secure annual financing between $40 billion and $50 billion until 2050 to effectively confront the escalating challenges posed by climate change, according to former State Bank of Pakistan Governor Shamshad Akhtar. Speaking at the two-day climate conference, “Breathe Pakistan,” in Islamabad, she emphasized the urgent need for financial resources to combat these critical climate threats.
The country, while contributing less than 1% to global emissions, is acutely vulnerable to the adverse impacts of climate change, experiencing persistent droughts, catastrophic floods, and extreme heatwaves. The extensive floods of 2022 caused devastating damage, claiming 1,700 lives and inflicting $30 billion in economic losses to an already beleaguered economy.
In January 2023, a Geneva conference led to pledges totaling approximately $10 billion from various multilateral financial institutions and nations in response to the severe flooding. However, by June 2024, only $2.8 billion had been disbursed, leaving most of the promised funding unrealized and its beneficiaries still waiting for assistance.
In light of these challenges, the pursuit of substantial and sustained funding is critical for Pakistan to address the dire consequences of climate change and stabilize its economy.
The context of Pakistan’s climate financing stems from its susceptibility to severe climatic events despite being a minor contributor to global emissions. The country has faced tragic flooding and extreme weather, which have exacerbated existing economic vulnerabilities. Following the catastrophic floods of 2022, the international community pledged financial support, but actual delivered aid has fallen significantly short of what is required to aid recovery and adaptation efforts. This necessitates a concerted effort by both domestic and global stakeholders to enhance climate resilience through robust funding mechanisms.
In summary, Pakistan is in critical need of substantial climate financing, estimated at $40 billion to $50 billion annually until 2050. The country’s vulnerability to climate change, coupled with the insufficient realization of international pledges, highlights the urgency for immediate financial support. If not addressed, these challenges may exacerbate economic instability and threaten the livelihoods of millions.
Original Source: www.aa.com.tr
