Pakistan requires $40 billion annually until 2050 for climate change challenges, according to former central bank Governor Shamshad Akhtar. The country, affected by severe floods and droughts, suffered $30 billion in economic losses during the 2022 floods. However, it has received only $2.8 billion from pledges made after the floods, indicating a significant funding gap.
Pakistan requires substantial climate financing of at least $40 billion annually until 2050 to address severe climate-related challenges, as stated by former State Bank of Pakistan Governor Shamshad Akhtar. Speaking at the “Breathe Pakistan” climate conference in Islamabad, she emphasized the need for urgent financial support to combat the escalating impacts of climate change. Without addressing these critical threats, the country could face significant economic disruptions and instability.
As one of the nations most vulnerable to climate change, Pakistan contributes less than 1% to global emissions yet suffers extensively from its effects. The country has faced devastating droughts, severe floods, and prolonged heatwaves, straining its already faltering economy. The catastrophic floods of 2022 alone affected a third of Pakistan, resulting in the tragic loss of approximately 1,700 lives and inflicting $30 billion in economic damages.
Despite receiving pledges totaling around $10 billion from international bodies and countries at a Geneva conference in January 2023, the disbursement of funds has been significantly limited. By June 2024, Pakistan only received approximately $2.8 billion, highlighting a critical shortfall in financial support necessary for recovery. The slow response in funding emphasizes the urgent need to mobilize resources for those affected by climate disasters in Pakistan.
The topic of climate financing in Pakistan is crucial due to the country’s heightened vulnerability to climate change, despite having a minimal share in global emissions. The 2022 floods served as a stark reminder of the environmental crisis, leading to widespread economic distress and loss of life. With substantial financial requirements estimated for the coming decades, Pakistan seeks international support and commitments to mitigate future climate impacts and rebuild its resilience against further climate threats.
In summary, Pakistan faces an urgent need for climate financing of $40 billion annually to combat its climate change challenges. The slow flow of pledged international aid following the 2022 floods underscores the necessity for more effective and immediate financial support. Addressing these challenges is essential not only for Pakistan’s economic stability but also for global climate resilience efforts.
Original Source: www.aa.com.tr
