Pakistan requires an annual investment of $40 to $50 billion to address climate change challenges by 2050, as highlighted by former central bank head Shamshad Akhtar during the “Breathe Pakistan” climate conference. Despite receiving some international pledges following the devastating 2022 floods, funding remains short, with only $2.8 billion received from a total of $10 billion promised, leaving considerable financial gaps to tackle ongoing climate impacts.
Pakistan needs to secure between $40 billion and $50 billion annually through 2050 to tackle significant climate change issues, according to Shamshad Akhtar, a former governor of the State Bank of Pakistan. Speaking at the “Breathe Pakistan” climate conference, she emphasized the critical need for financial resources to address climate challenges, which pose severe threats to both the economy and global safety. Akhtar warned that failure to address these climate issues could lead to severe economic disruptions.
As one of the countries most affected by climate change, Pakistan has suffered greatly from climate-induced disasters. The country accounts for less than 1% of global carbon emissions yet faces severe impacts from recurring droughts, floods, and heat waves. In 2022, unprecedented floods devastated one-third of the country, resulting in significant loss of life and an estimated $30 billion in economic damages. Following these floods, a conference in Geneva in January 2023 resulted in promises of $10 billion in aid, yet only $2.8 billion had been disbursed by mid-2024, highlighting the gap between pledges and actual funding.
In conclusion, the urgent need for substantial climate financing in Pakistan underscores the challenges faced by developing nations in combating climate change. The projected annual financial requirement of $40 billion to $50 billion until 2050 reflects the gravity of the situation. Timely and effective allocation of international funds becomes crucial to mitigate the impacts of climate change and support the affected populations.
Original Source: www.aa.com.tr
