ISLAMABAD: The Ministry of Planning, Development and Special Initiatives has unveiled a comprehensive blueprint for tackling climate change-related challenges while enhancing sustainable development under the National Climate Change Policy (NCCP).
Under the policy, a National Climate Finance Strategy (NCFS) has been prepared to identify sectoral priorities and scale climate finance, the ministry said in a news release here on Sunday.
“This NCFS is a cornerstone in Pakistan’s commitment to the Paris Agreement, focusing on leveraging private sector engagement, international climate finance and carbon markets,” the ministry said.
In 2021, the government approved the NCCP to pursue sustained economic growth by addressing the challenges of climate change.
It was to integrate climate change policy with other inter-related national policies and focus on pro-poor gender-sensitive adaptation while promoting mitigation to the extent possible in a cost-effective manner and building climate-resilient infrastructure and others.
Pakistan is among the countries in the world that are most affected by weather/climate-related hazards such as floods, landslides, droughts, heat waves, extreme colds, and cyclones.
Significantly, the Sustainable Finance Bureau (SFB) has been established to revolutionize climate finance.
The SFB will reorient the Public Sector Development Programme (PSDP) towards sustainable finance, with 20% (Rs 925 billion) of new PSDP schemes in FY2023-24 being green. This initiative is expected to qualify for concessional climate funds, enhancing Pakistan’s capacity to meet its climate targets.
Pakistan requires $348 billion to achieve systemic resilience between 2023 and 2030, as per the World Bank’s 2023 report.
This investment, the ministry said, was crucial for climate-proofing Pakistan’s development trajectory and ensuring the well-being of its people.
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