Pakistan requires annual climate financing of $40B-$50B until 2050 due to severe climate impacts, including economic losses from catastrophic flooding. Despite international pledges of $10 billion following the 2022 floods, only $2.8 billion has been received thus far, exposing a significant gap in financial support needed to mitigate ongoing climate challenges.
Pakistan faces significant climate challenges, necessitating annual investments ranging from $40 billion to $50 billion until 2050, as emphasized by Shamshad Akhtar, the former Governor of the State Bank of Pakistan. Speaking at the “Breathe Pakistan” climate change conference in Islamabad, she highlighted the urgent need for financial resources to combat climate change and its detrimental effects on the economy. Akhtar warned, “Unless we address this very lethal threat that faces the global community, we are not going to get anywhere, and we will face economic disruption.”
As a nation contributing less than 1% of global emissions, Pakistan stands among the countries most vulnerable to climate change. Issues such as prolonged droughts, severe flooding, and extreme heat waves have severely impacted the economy. The catastrophic floods of 2022, which covered a third of the country, resulted in 1,700 fatalities and yielded an estimated $30 billion in economic losses for an already fragile economy.
Following the devastating floods, a Geneva conference in January 2023 pledged about $10 billion from global financial institutions and nations to assist Pakistan. However, the disbursement of these funds has been sluggish, with the country receiving only $2.8 billion from international creditors by June 2024, highlighting the gap between pledges and actual financial support.
Overall, Pakistan’s climate financing needs underscore the critical intersection of natural disasters, economic vulnerability, and the imperative for international collaboration in addressing climate change.
This article addresses the urgent climate financing needs of Pakistan, particularly in light of the severe impacts of climate change. As one of the countries most affected by environmental changes yet contributing minimally to global emissions, Pakistan requires substantial investments to address the consequences of climate phenomena such as floods, droughts, and heat waves. The significant economic losses experienced after the 2022 floods further emphasize the need for immediate international financial support and concerted efforts to mitigate future risks and vulnerabilities.
In conclusion, Pakistan’s requirement for $40 billion to $50 billion annually until 2050 represents a critical call to action for both national and international stakeholders. The alarming repercussions of climate change necessitate immediate financial assistance, awareness, and coordinated efforts to protect vulnerable populations and stabilize the economy. Addressing these challenges effectively will require dedication to both funding and innovative climate solutions.
Original Source: www.aa.com.tr
