ISLAMABAD: The National Assembly Standing Committee on Foreign Affairs was told that International Financial Institutions (IFIs) have agreed to provision of climate funding as the Asian Development Bank (ADB) has allocated Rs700 billion for Pakistan to deal with the challenge of climate change.
The 7th meeting of the National Assembly Standing Committee on Foreign Affairs was held on Thursday in the Parliament House with Hina Rabbani Khar in the chair.
Additional Secretary Ministry of Climate Change Aisha Humera Chaudhry briefed the NA committee on the steps being taken by the ministry to deal with the burning issue.
Pakistan, ADB reaffirm commitment to mutual cooperation, climate action
“Pakistan’s climate resilience efforts received a boost as the ADB committed Rs700 billion for various initiatives,” she added.
She, however, said that concerns were raised over delays in utilising these funds for on-ground projects.
Aisha Humera informed the NA panel that anambitious $300 billion annual Climate Fund Target has been set by 2035 in the recently concluded COP29 conference at Baku.
Pakistan is positioned to benefit but must address internal and external challenges to access and deploy funds effectively, she pointed out.
Additionally, she revealed that a Rs500 million climate resilience project, supported by USAID and the private sector, has been rolled out, with WWF tasked with implementation. The climate change experts highlighted the need for an affordable electric vehicle policy to promote EV adoption, citing the high costs of current models as a barrier to growth in the green economy.
While commenting on climate change and Pakistan’s diplomacy, Chairperson Khar underscored Pakistan’s well-recognised role in global climate leadership.
She emphasised that since 80 percent of emissions were transport sector-related, Pakistan should concentrate on this sector to get early results, especially because it has a direct impact on environment due to which certain cities are suffering closures.
She stated, Pakistan can act as a bridge between developed and developing countries in climate negotiations, while safeguarding our rightful development trajectory based on natural resources, we should not suffer from inertia on encouraging research and development on novel technologies that may provide efficient solutions.
The committee recommended certain actionable steps including capacity building on carbon credits, strengthening research partnerships with universities and building institutional capacity to benefit from global carbon markets.
The committee also discussed ongoing situation in Syria, focusing on humanitarian challenges, regional dynamics, and potential geopolitical shifts including evacuation efforts for safe return of Pakistanis from Syria.
Copyright Business Recorder, 2024
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