Pakistan requires $40B-$50B each year until 2050 for climate change adaptation, as emphasized by former central bank governor Shamshad Akhtar. The nation, responsible for less than 1% of global emissions, faces significant climate-related challenges which resulted in $30B economic losses after the 2022 floods. Despite international pledges of $10B, only $2.8B has been received, signaling urgent funding needs.
Pakistan’s central bank’s former chief has highlighted the nation’s pressing need for substantial climate financing, estimating a requirement of $40 billion to $50 billion annually through 2050. Speaking at the “Breathe Pakistan” climate conference in Islamabad, Shamshad Akhtar emphasized the importance of addressing climate challenges to prevent severe economic disruptions.
With only 1% of global emissions, Pakistan is disproportionately affected by climate change, facing recurring droughts, severe floods, and extreme heat waves. The devastating floods of 2022 alone resulted in a shocking $30 billion economic loss and over 1,700 fatalities, severely impacting the country’s economy.
Despite receiving pledges totaling $10 billion from global sources following the floods, Pakistan has only received $2.8 billion by June 2024, highlighting significant challenges in accessing the pledged support. This slow financial response underscores the urgent need for efficient climate financing to support recovery and resilience efforts in Pakistan.
Pakistan is among the countries most vulnerable to climate change, experiencing the intense effects of climate-related incidents despite contributing negligibly to global emissions. The 2022 floods exemplified the severity of the crisis, leading to extensive economic consequences. International financial pledges have been made, but the slow distribution of funds has hampered recovery efforts. The need for ongoing investment is critical for Pakistan to mitigate future climate impacts and sustain its economy.
In conclusion, Pakistan’s climate financing needs are staggering, with estimates of $40 billion to $50 billion required annually until 2050. As one of the most climate-impacted nations with minimal contributions to global emissions, timely access to pledged financial support is essential for recovery from devastating disasters. Addressing these financial challenges is vital for stabilizing Pakistan’s economy and enhancing its climate resiliency.
Original Source: www.aa.com.tr
