Mitigating climate risks: Aurangzeb underscores importance of global cooperation

ISLAMABAD: A delegation from the Climate Vulnerable Forum (CVF) – V20, representing a coalition of finance ministers from countries highly vulnerable to climate change, met with Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb at the Finance Division today, said a press release issued on Monday.

The delegation, led by Sara Jane Ahmed, managing director of CVF-V20, engaged in in-depth discussions on climate risk mitigation, climate finance for adaptation and mitigation measures, agricultural insurance, and urban flood resilience.

During the meeting, the CVF-V20 delegation shared insights on initiatives undertaken in Pakistan, including the launch of the country’s Carbon Market Policy and the establishment of the Panel on Coordinated Access to Net Zero at COP29. Additionally, they explored opportunities for development financing through Paris-Aligned Carbon Markets, aimed at advancing the country’s climate goals.

Minister Aurangzeb emphasised the environmental and climate risks faced by Pakistan and stressed the need for building resilience through effective climate adaptation and disaster preparedness strategies. He highlighted that Pakistan had recently explored multiple funding avenues in collaboration with international organisations such as the United Nations Development Programme (UNDP) and the World Bank (WB), with the goal of mitigating the impacts of climate change.

The Minister also underscored the importance of global cooperation in addressing these challenges, noting that the support of the V20, along with the Group of Seven (G7) and other countries under the ‘Global Shield’, is essential for enhancing pre-arranged protection against climate and disaster-related risks for vulnerable populations. He called for better coordination of funding initiatives and capacity-building efforts to combat climate risks and related disasters.

Furthermore, Senator Aurangzeb reiterated Prime Minister Shehbaz Sharif’s strong commitment to building the disaster resilience of Pakistan’s socioeconomic sectors, particularly agriculture, water, energy, health, and education. The Prime Minister’s goal is to ensure that Pakistan becomes resilient to the impacts of climate change, at any cost.

The CVF-V20 delegation, which included Hamza Haroon, Regional Director-South Asia CVF-V20; Abena Takyiwaa Asamoah-Okyere, Director Country Platforms-CVF-V20; Marzio Colantuoni, Research Analyst CVF-V20; and Ameera Adil, Special Initiatives Lead Pakistan CVF-V20, engaged in constructive dialogue with senior officials from the Ministry of Finance and the Ministry of Climate Change, further cementing Pakistan’s role in the global fight against climate change.

The meeting concluded with a shared understanding of the critical need for coordinated, multi-stakeholder efforts to address the growing challenges posed by climate change and to safeguard vulnerable populations.

Copyright Business Recorder, 2025