Prime Minister Shehbaz Sharif highlighted the need for flexible financial support for Pakistan at the “Breathe Pakistan” climate conference, stating that such funding is essential to build climate change resilient infrastructure. With Pakistan requiring $40-$50 billion annually until 2050 and having suffered devastating floods, the need for immediate financial aid is critical. While pledges were made at a Geneva conference, actual funds received remain insufficient.
At the international climate change conference “Breathe Pakistan,” held in Islamabad, Prime Minister Shehbaz Sharif emphasized the urgent need for developing nations to receive “flexible” financial support to construct climate-resilient infrastructure. He asserted that without such support, achieving climate adaptation and a green transformation would remain out of reach for countries like Pakistan, which contributes less than 1% to global climate change yet suffers significant impacts.
The conference shed light on the dire financial requirements Pakistan faces, necessitating an annual investment of approximately $40 billion to $50 billion until 2050 to tackle the emerging challenges posed by climate change. Persistent droughts, severe floods, and rising heat waves have adversely affected the nation’s economy, highlighted by the catastrophic floods in 2022 that resulted in substantial human and economic losses.
In the aftermath of these floods, which submerged a third of the country and led to the deaths of 1,700 individuals while incurring $30 billion in economic damages, a Geneva conference earlier this year secured pledges of around $10 billion from various multilateral institutions and countries. However, as of June 2024, only $2.8 billion has been disbursed to support the victims, leaving a considerable funding gap for immediate recovery efforts.
Pakistan’s geopolitical and environmental circumstances present a critical need for robust climate resilience strategies. As one of the nations most vulnerable to climate change, Pakistan’s economic stability and growth are increasingly threatened by severe weather phenomena. The need for significant financial assistance is underscored by recent disasters, including the widespread flooding that devastated communities and the economy. The gap between pledged financial aid and actual disbursement exacerbates the urgency for flexible funding mechanisms.
In conclusion, Prime Minister Shehbaz Sharif’s call for flexible financial support highlights the urgent need for international assistance in building climate-resilient infrastructure in Pakistan. With annual investments needed to meet climate challenges and the slow flow of pledged funds, it is imperative that the global community responds promptly and effectively to address the pressing climate crisis affecting developing nations.
Original Source: www.aa.com.tr
