Pakistan Needs $40 Billion Annually for Climate Financing Until 2050

Pakistan requires $40B to $50B annually for climate financing until 2050. Former central bank governor Shamshad Akhtar stressed the urgency of this need during the “Breathe Pakistan” conference. Despite suffering severe economic losses from climate-related disasters, the country has received only $2.8 billion of the pledged $10 billion in aid following the 2022 floods. The gap between promised funds and actual support poses significant challenges.

Pakistan is projected to require an annual investment of $40 billion to $50 billion until 2050 in order to address significant climate change challenges. At the recent “Breathe Pakistan” climate conference in Islamabad, former State Bank of Pakistan Governor Shamshad Akhtar emphasized the urgent need for financial resources to combat these pressing issues. She warned that neglecting these challenges could result in severe economic disruptions.

As one of the countries most vulnerable to the impacts of climate change, Pakistan contributes less than 1% to global emissions but experiences harsh consequences. The country has endured prolonged droughts, overwhelming floods, and extreme heat waves, heavily affecting its economy. The catastrophic floods of 2022 resulted in over 1,700 fatalities and inflicted approximately $30 billion in economic losses.

In January 2023, a conference in Geneva yielded $10 billion in pledges from various multilateral financial institutions and nations post-floods, yet the actual funds provided to date stand at only $2.8 billion. This discrepancy poses challenges for Pakistan, which has struggled to access promised international assistance to rebuild and recover from recent disasters. The need remains critical as climate-related crises escalate.

Given the potential for severe consequences stemming from climate change, Akhtar’s call for urgent financial investment is clear. Addressing such formidable threats is not only vital for Pakistan but also for the global community at large. No action taken now could exacerbate ongoing hardships and economic instability.

Climate change presents a severe threat to Pakistan, a nation particularly vulnerable to its impacts despite contributing minimally to global emissions. The series of natural disasters, including floods and droughts, has significantly harmed the country’s economic stability. Following the devastating floods of 2022, international pledges were made for assistance, yet actual support has been lagging, showcasing a gap between commitment and delivery. The ongoing calls for substantial financial support highlight the necessity for immediate action to mitigate these climate challenges and ensure the survival and economic recovery of Pakistan. As the effects of climate change worsen, the stakes for timely and effective financing increase drastically for both Pakistan and the global community.

In conclusion, Pakistan is in urgent need of substantial climate financing, estimated at $40 billion to $50 billion annually until 2050 to address its formidable climate challenges. The contributions received thus far are inadequate compared to the pledges made following the 2022 floods, necessitating a global cooperative effort to support the nation effectively. Immediate action is crucial to avert further economic disruption and safeguard the future of the affected populations.

Original Source: www.aa.com.tr