Pakistan requires $40 billion to $50 billion annually for climate finance until 2050, as emphasized by former central bank governor Shamshad Akhtar. The country, responsible for less than 1% of global emissions, has been severely impacted by floods and droughts, causing $30 billion in economic losses. Despite international pledges of $10 billion following the 2022 floods, only $2.8 billion has been received, highlighting urgent financing needs.
Pakistan faces an urgent need for an estimated annual investment of $40 billion to $50 billion through 2050 to effectively tackle the challenges posed by climate change, emphasized Shamshad Akhtar, the former Governor of the State Bank of Pakistan, during the recent climate change conference, “Breathe Pakistan,” held in Islamabad. She asserted that without addressing these serious climate threats, the global community risks significant economic disruption. Despite being responsible for less than 1% of global emissions, Pakistan remains extremely vulnerable to the adverse effects of climate change.
The country has been increasingly impacted by devastating floods, prolonged droughts, and extreme heat waves, all of which have severely affected its economy. Notably, the floods in 2022 inundated one-third of Pakistan, resulting in the deaths of approximately 1,700 individuals and inflicting economic damages amounting to $30 billion. In response to these calamities, a conference in Geneva in January 2023 yielded pledges of around $10 billion from various countries and financial institutions, yet the funds have largely failed to reach those in need.
By June 2024, Pakistan had only received $2.8 billion in actual disbursements from international lenders—far below the promised amounts. These financial constraints hinder the country’s recovery and capacity to prepare for future climate-related challenges, reiterating the importance of securing substantial funding to safeguard its economy and communities.
Pakistan’s predicament highlights the severe implications of climate change for vulnerable nations, especially those with minimal contributions to global emissions. As one of the most affected countries, Pakistan is experiencing an economic crisis exacerbated by natural disasters such as floods and droughts. The government’s reliance on international financial support following the recent floods illustrates the urgent need for a robust and consistent climate financing strategy that can sustain long-term recovery and resilience efforts.
In conclusion, Pakistan’s financial requirements for climate change adaptation and mitigation are substantial and urgent, amounting to $40 billion to $50 billion annually through 2050. The devastating impact of recent floods has underscored the limitations of existing financial pledges, with only a small fraction of commitments realized thus far. Addressing these challenges necessitates immediate action and international cooperation to ensure that resources are delivered effectively to those in need.
Original Source: www.aa.com.tr
