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Pakistan’s Finance Minister Advocates for Bridging Funding Gaps in Climate Finance

Islamabad, In a significant push for environmental sustainability, Finance Minister Muhammad Aurangzeb emphasized the urgent need to address funding gaps in climate change mitigation and adaptation during his keynote speech at the UK-Pakistan Green Investment Forum.

According to Ministry of Information and Broadcasting, organized by the British High Commission, the forum served as a platform for discussing Pakistan’s vulnerability to climate-induced challenges, despite its minimal contribution to global greenhouse emissions. The Minister cited a World Bank study that projected annual GDP losses of up to one percent from climate-related risks, underscoring the economic implications of changing weather patterns that affect agriculture and increase the prevalence of flooding, storms, and heatwaves.

Muhammad Aurangzeb expressed gratitude towards the British High Commission and highlighted ongoing efforts to enhance the portfolio of green investment projects in Pakistan. He detailed initiatives to utilize innovative financing instruments, including the issuance of domestic green sukuk bonds by December, aimed at funding sustainable development projects. The Finance Minister also reaffirmed Pakistan’s commitment to engaging with international financial institutions like the IMF to support economic growth and environmental resilience.