Pakistani Prime Minister Shehbaz Sharif has urged for flexible financial support to construct infrastructure that can withstand climate change impacts. This plea comes in light of Pakistan’s significant climate vulnerabilities, requiring annual investments of $40-$50 billion until 2050. Despite international pledges following severe flooding in 2022, much of the promised funding has yet to be delivered, further complicating the nation’s path to resilience.
During a recent climate change conference in Islamabad, Prime Minister Shehbaz Sharif emphasized the need for developing nations like Pakistan to obtain flexible financial support to establish infrastructure capable of withstanding climate change. 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 significant challenges due to its vulnerability to climate impacts.
Experts at the conference pointed out that Pakistan requires an estimated annual investment of $40 billion to $50 billion up until 2050 to confront impending climate challenges. The nation has already been hit hard by recurring droughts, severe floods, and intense heatwaves, which have all had detrimental effects on the economy. The disastrous floods of 2022 destroyed a third of Pakistan, resulting in 1,700 fatalities and roughly $30 billion in economic losses.
Despite the Geneva conference pledging about $10 billion in January 2023 to assist following the catastrophic floods, much of the promised financial aid has not yet materialized for those affected. As of June 2024, Pakistan had only received $2.8 billion from international creditors against the total pledges made. This underscores the urgency for prompt and efficient disbursement of funds to help address the dire situation faced by vulnerable populations in Pakistan.
The topic of climate resilience is increasingly critical, particularly for nations like Pakistan that face the brunt of climate change consequences despite minimal contributions to its causes. The dire impacts of climate change, exemplified by devastating droughts and floods, have necessitated discussions on viable financing options to support necessary infrastructure development. As part of international efforts, conferences such as “Breathe Pakistan” aim to bolster awareness and funds, yet the effective allocation of resources remains a pressing issue.
In conclusion, Prime Minister Shehbaz Sharif’s call for flexible financial assistance highlights the urgent need for comprehensive support to mitigate climate risks in Pakistan. With the country requiring substantial annual investments and facing immediate climate-related challenges, the effective channeling of international pledges into actionable solutions remains crucial for fostering climate resilience and safeguarding its economy. Without such timely support, the prospects for climate adaptation and transformation appear bleak.
Original Source: www.aa.com.tr
