Pakistan needs $40B to $50B annually for climate financing until 2050, as stated by former central bank governor Shamshad Akhtar during the “Breathe Pakistan” conference. Severe flooding in 2022 resulted in $30B in economic losses, yet only $2.8B of pledged international aid has been received. As a vulnerable nation contributing less than 1% to global emissions, prompt financial support is crucial.
Pakistan requires substantial financial support of $40 billion to $50 billion annually until 2050 to tackle its significant climate challenges. This was highlighted by former State Bank of Pakistan Governor Shamshad Akhtar at the international climate conference “Breathe Pakistan” in Islamabad. Akhtar emphasized the urgency of addressing climate threats, stating that failure to do so would result in severe economic disruptions. Despite contributing less than 1% to global emissions, Pakistan is among the nations most vulnerable to climate impacts.
The backdrop to this financial requirement stems from Pakistan’s recent experiences with climate change, particularly the 2022 floods that led to devastating damage. These floods affected one-third of the country, resulting in over 1,700 deaths and an economic loss estimated at $30 billion. Following the floods, a Geneva conference in January 2023 garnered pledges amounting to $10 billion. However, by June 2024, only $2.8 billion of these pledges had reached the affected communities, highlighting inefficiencies in climate finance disbursements.
In summary, Pakistan is in urgent need of a consistent influx of climate financing, reported at $40 billion to $50 billion annually over the next 25 years, to effectively respond to climate change challenges. The country’s struggles have been exacerbated by significant floods and economic losses, necessitating immediate and efficient implementation of financial pledges made by international donors. Failure to effectively channel these funds could lead to further economic instability and disaster repercussions.
Original Source: www.aa.com.tr
