Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb on Tuesday highlighted the critical need for climate financing to combat the vulnerabilities posed by climate change.  Virtually addressing the 3rd Pakistan Climate Conference (PCC) organized by the Overseas Investors Chamber of Commerce and Industry (OICCI), he commended Overseas Investors Chamber of Commerce and Industries for organizing this vital conference to confront the urgent climate challenges Pakistan faces.  

Ranked among the top 10 most climate-vulnerable countries globally, and with damages from the devastating 2022 floods exceeding $30 billion, the urgency for sustainable solutions and financing has never been crucial, he added. Highlighting the role of innovative financial tools in addressing the climate crisis, the Minister noted the importance of tapping into international funding mechanisms and fostering private-sector participation. He said, "Mobilizing sufficient climate finance demands enhanced access to international funding sources like the Green Climate Fund and the Adaptation Fund.” 

He continued, “The success of Pakistan’s first green Eurobond in 2021, which raised $500 million, illustrates our capacity to attract sustainable investments. Expanding such initiatives, alongside tools like green bonds, sustainability-linked loans, and carbon credits, will empower the private sector to play a leading role in climate action.” Muhammad Aurangzeb also pointed out two major challenges facing Pakistan amid ongoing economic reforms: population growth and climate change.

He reiterated the government's resolve to integrate climate considerations into national economic planning. "The Ministries of Finance, Climate, and Planning will work together to bring Pakistan onto a sustainable pathway of growth and resilience,” he stated.   Concluding his address, he reassured stakeholders of the Ministry of Finance’s dedication to creating an enabling environment for green investments and said, “Our commitment is unwavering. Through fiscal reforms, regulatory support, and capacity building, we aim to attract both international and domestic investments in green projects to secure a sustainable future for Pakistan.”

The two-day conference provided a platform to policymakers, environmental experts, and business leaders to tackle Pakistan's escalating climate crisis and propose solutions for mitigation and adaptation. The conference included panel discussions and expert presentations on topics such as climate finance, the economic impacts of climate change, advancing circularity, decarbonization, and fostering public-private partnerships for climate resilience.

Credit: Independent News Pakistan (INP)