Pakistan’s Caretaker Finance Minister Calls for $340 Billion Investment to Tackle Climate Crisis, Equivalent to 10% of GDP

Caretaker Finance Minister Shamshad Akhtar, at the 2nd Pakistan Climate Conference, emphasized the need for a massive $340 billion investment, equivalent to 10% of Pakistan’s GDP, to combat climate-related challenges. She highlighted the trade-offs between climate and developmental finance, acknowledging the strain on other development initiatives. The Ministry of Finance is partnering with the Ministry of Climate for the first time and will attend COP28 together to explore innovative climate finance mechanisms.

Minister of Energy Muhammad Ali stressed the substantial investments required for Pakistan’s energy transition by 2040, urging collaboration with the private sector, especially the OICCI. Philip Skinner, MD of GuarantCo, underlined the integration of climate considerations into financial decision-making.

The conference brought together global and local climate experts, business leaders, policymakers, and activists to address Pakistan’s climate crisis. OICCI President Amir Paracha noted that Pakistan is experiencing climate change impacts now, emphasizing the need for collective action.

Read Also: Punjab’s PAC Approves Revised Fee Collection Policy for Private Medical Colleges, Eases Burden on Students

The conference’s themes aligned with COP28, focusing on climate resilience, plastic and waste management, and emissions reduction. It showcased initiatives and projects for addressing the climate crisis.

Rehan Shaikh, OICCI Vice President, emphasized the importance of aligning policies with a net-zero future in line with the Paris Agreement.

Key speakers included government ministers, global CEOs, and business thought leaders. The event was well-attended by various sectors, acknowledging OICCI’s efforts to convene global talent to address this critical issue. Prominent OICCI member companies sponsored the conference.

Leave a Comment