Pakistan needs 340 billion dollars to deal with environmental challenges, caretaker finance minister
Caretaker Finance Minister Dr. Shamshad Akhtar has said that
Pakistan is facing an economic challenge in view of the increase in costs and
development costs required to deal with climate change.
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| Finance Minister Calls for $340 Billion to Tackle Pakistan's Climate Crisis |
According to a report in Dawn newspaper, during the second Pakistan Climate Conference hosted by the Overseas Investors Chamber of Commerce and Industry (OICCI), the speaker highlighted the pressing environmental issues that demand our attention. It's evident that financial resources are essential to address this significant challenge.
Dr. Shamshad Akhtar emphasized that Pakistan's most effective
strategy should involve leveraging the expertise of its top companies to
attract investments from institutional investors. This approach is pivotal in
bridging the financial gap required for addressing environmental and
developmental concerns.
To address the pressing environmental and developmental issues confronting Pakistan, a substantial investment of approximately $340 billion is required between the years 2023 and 2030. This sum represents roughly 10 percent of the nation's total GDP during this specific timeframe. Notably, Pakistan's contribution to global greenhouse gas emissions remains below the one percent mark.
Dr. Akhtar highlighted the current scenario, where it is expected that only $39 billion in public funding and an additional $9 billion through public-private collaborations will be accessible for initiatives aimed at mitigating and adapting to climate change in the coming decade.
Dr. Shamshad Akhtar said that environmental risks and debt are a
very important factor in the discussion in the sphere of global financial
infrastructure.
He also highlighted Pakistan's initiatives in green finance, citing the issuance of green euro bonds as a notable example. While this is a commendable step, given the prevailing economic challenges, he stressed the need for more extensive efforts, including the issuance of international bonds.
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