Pakistan struggles with climate challenges and funding shortfalls

Pakistan faces a serious climate challenge. The country contributes less than 1% of global greenhouse gas emissions but is one of the most vulnerable to climate change impacts. According to the Global Climate Risk Index, Pakistan is ranked as the fifth most climate-vulnerable nation. The catastrophic floods of 2022 exemplified this threat. They resulted in hundreds of deaths, displaced millions, and caused billions of dollars in economic damage. The floods also worsened food insecurity, highlighting the urgent need for action. Additionally, shrinking glaciers in northern Pakistan threaten future water supplies for agriculture. Despite policymakers recognizing the severity of climate change, effective action has been slow. The international community is preoccupied with its own challenges, leading to delays in funding for Pakistan’s recovery. Out of over $10 billion promised to help rebuild and support displaced people, only a small fraction has been received. Many remain affected nearly three years after the floods. The World Bank has pledged to finance some climate-resilient projects, but these funds are insufficient. Pakistan's government is now seeking $1 billion in climate funding from the IMF and has introduced green action bonds for sustainable initiatives. However, there’s little evidence that climate-resilient policies are being effectively adopted across different sectors. Finance Minister Mohammed Aurangzeb highlighted the significant financing gap and lack of technical expertise in addressing climate change. He stressed that political will, rather than just money, is essential for implementing necessary policy actions. As international financing is slow to arrive, it is crucial for Pakistani leaders to wisely use available funds to develop infrastructure that can withstand climate impacts. Waiting for external assistance could worsen Pakistan's climate challenges. The Finance Minister noted that sustainable growth in both economy and environment must go hand-in-hand. It is vital for the government to turn its promises into actionable steps that foster environmentally sustainable growth.