Prime Minister Shehbaz Sharif urged for flexible financial assistance for Pakistan to build climate-resilient infrastructure at the “Breathe Pakistan” conference. The nation requires $40-50 billion annually until 2050 due to severe climate impacts. While $10 billion was pledged post-floods, only a fraction has been received, complicating recovery efforts.
During the recent “Breathe Pakistan” climate conference in Islamabad, Prime Minister Shehbaz Sharif emphasized the urgent need for flexible financial support for developing countries like Pakistan. He stated, “Without such support, the path to climate adaptation and green transformation will remain elusive.” Pakistan, contributing less than 1% to global climate change, faces severe consequences, making this financial support critical for constructing resilient infrastructure.
Experts attending the conference highlighted that Pakistan requires an annual investment ranging from $40 billion to $50 billion through to 2050 to effectively address its increasing climate challenges. Prolonged droughts, catastrophic floods, and extreme heat waves have substantially impacted the nation’s economy, with floods in 2022 alone displacing millions and costing around $30 billion in damages.
Despite the pledges made during a Geneva conference in January 2023, amounting to approximately $10 billion from various financial institutions and nations following the devastating floods, most funds have yet to reach those in need. As of June 2024, only $2.8 billion has been disbursed to Pakistan from these pledges. The slow arrival of these funds poses a significant barrier to the nation’s recovery efforts and adaptation strategies.
Pakistan has been profoundly affected by climate change, despite having a minimal contribution to the global crisis. The country is grappling with frequent natural disasters, which have exacerbated its economic challenges. The urgent calls for funding at climate conferences underscore the need for a robust financial framework to support adaptation initiatives in vulnerable countries, particularly in the context of growing climate-related adversities. With the economic toll of disasters reaching astronomical levels, the necessity for sustainable investment strategies becomes increasingly clear.
In conclusion, Pakistan’s call for flexible financial support highlights the critical need for assistance in building climate-resilient infrastructure. Without substantial investment, the country may struggle to manage ongoing climate challenges and implement necessary transformations. Collaborative international efforts and prompt disbursement of pledged funds are essential to mitigate the effects of climate change in Pakistan.
Original Source: www.aa.com.tr
