Arooj Zulfiqar

In a significant move towards a greener future, the Asian Development Bank (ADB) has reinforced its commitment to Pakistan’s journey towards environmental sustainability, reports WealthPK. The ADB recently announced that last year it provided considerable support to Pakistan to help it recover from the devastating floods of 2022. The bank also assisted the government in other areas, such as climate change, food security, and gender equality, to promote sustainable and inclusive development. In its annual report for 2023, the bank showcased various sectors in which it provided support to Pakistan throughout the year. According to a report, the ADB has approved a loan of $180 million to support the development of climate-resilient and low-carbon municipal services. This initiative aims to benefit around 1.5 million residents in Bahawalpur and Rawalpindi cities in Punjab.

“Pakistan faces numerous challenges in achieving environmental sustainability, including water scarcity exacerbated by inefficient irrigation, severe air pollution in urban centres due to industrial emissions, deforestation leading to biodiversity loss, inadequate waste management contributing to the pollution of land and water bodies, and vulnerability to the climate change impacts such as extreme weather events and glacial melt,” said Arif Goheer from the Pak-NDC Secretariat, Global Change Impact Studies Ministry of Climate Change. “Addressing these constraints requires a multi-faceted approach that integrates sustainable development goals, climate action, and environmental conservation into national policies, strategies, and practices. “Enhancing water efficiency, promoting renewable energy adoption, implementing waste reduction measures, conserving forests and biodiversity, and building climate resilience are key priorities for advancing environmental sustainability in Pakistan. “In this regard, Pakistan has always received valuable support from the ADB for promoting environmental sustainability through its strategic investments and partnerships,” he said.

As a founding member of ADB, Pakistan has been able to enhance its climate resilience and progress by investing in crucial sectors and services with the help of the bank. The bank's continued support has enabled Pakistan to achieve its environmental sustainability goals effectively. Overall, the partnership can significantly benefit Pakistan by fostering sustainable development and resilience against climate change, as well as promoting green technologies, inclusive growth, economic transformation, and nature-based solutions,” Arif said. The ADB’s Country Partnership Strategy, 2021–2025 for Pakistan focuses on three priorities: improving economic management, building resilience, and boosting competitiveness and private sector development. As of December 2023, the bank has committed 755 public sector loans, grants, and technical assistance to Pakistan totalling $41.4 billion. The bank’s current sovereign portfolio in Pakistan includes 55 loans and four grants worth $10.11 billion.

Credit: INP-WealthPk