Pakistan Urged to Prioritize Climate Finance, Adaptation, and Mitigation for a Resilient Future

ISLAMABAD: The need for adaptation and mitigation action expands beyond technical and institutional arrangements to changes in behaviors, lifestyle and overall mindset of the society, said Dr Shafqat Munir, Deputy Executive Director, SDPI. Effectively leveraging climate financing as aid, private sector finances and public finances is paramount for Pakistan to develop resilience to climate change as well as deliver on the Nationally Determined Contributions (NDCs), he added. He highlighted that during the Conference of Parties (COP) held in Bali, significance of technology transfer between states was emphasized for strengthening climate action. However, even more than a decade later, many developing nations continue to face challenges in accessing green technologies, which hinders effective climate action.

Dr Imran Khalid, Director, Governance and Policy, WWF-Pakistan highlighting the challenges hampering access to international climate finance remarked that unlike adaptation projects, mitigation projects can yield tangible results making them financially viable and bankable. It is therefore imperative that climate finance and adaptation policies shift focus on community-level analysis. He further said that policy development processes must transition from reactive to scientifically supported pre-emptive ones. He urged the government to make updated scientific data accessible to public to support development of bankable climate finance projects in the country and empower stakeholders to develop proposals in line with national priorities and advocate for climate justice.
Fawad Hayat, DGM Climate Change, National Disaster Risk Management Fund, Climate finance remains an ongoing endeavor, necessitating the establishment and enhancement of an enabling environment to secure international climate funding and promote financially viable projects. In the case of Pakistan, it’s imperative to engage in discussions centered on a balanced blend of adaptation and mitigation strategies to attract private climate investment. Pakistan’s vulnerability to climate-related disasters is underscored by the staggering losses of $30 billion in the aftermath of recent floods, rendering the country a high-risk prospect for investors.

However, there lies a significant opportunity to avert the high costs of humanitarian recovery through proactive adaptation measures. Without these measures in place, the expenses incurred in recovery and rehabilitation are substantially greater. Hence, advocating for a combination of adaptation and mitigation not only strengthens resilience but also proves to be a prudent economic choice in the face of escalating climate challenges. This underscores the urgency of Pakistan’s commitment to sustainable climate action and the pursuit of international climate finance to secure a more resilient and prosperous future.