Pakistan needs 340 billion dollars for climate challenges: Finance Minister

Pakistan Who cares? Finance Minister Shamshad Akhtar has said that Pakistan Climate challenges An investment of 340 billion dollars is required in seven years to deal with.

Addressing the Climate Conference 2023 organized by the Overseas Investors Chamber of Commerce and Industry at the Karachi Chamber of Commerce through video link on Thursday, he said that Pakistan will need $340 billion over the next seven years, which is the total GDP. are ten percent of P.’

He further said that ‘the biggest challenge we face at the international level is the issue of priorities between climate finance and development finance.’

According to him, ‘Getting money for Pakistan’s climate crisis is depleting other development finance funds. However, for the first time, the Ministry of Finance and the Ministry of Environment will jointly participate in the COP 28 held in November and review the innovative climate finance mechanism.

Dr. Shamshad Akhtar also said that Pakistan needs a lot of funds for environmental protection. Pakistani companies can get international financing. National Adaptation Plan has been made. All the ministries have been asked to plan the expenditure on the client projects.

According to him, ‘Pakistan is getting expensive loans from the international market, due to the high cost of loans, this plan has been delayed. 75% of revenue is spent on loans and interest payments.

The caretaker finance minister said that despite recent efforts, Pakistan is at risk of being affected by environmental problems and crises. Working on projects with World Bank and Asian Development Bank. Low-income countries are placed at the forefront of environmental problems.

Dr. Shamshad Akhtar added that there is no default option on Pakistan’s debts.

According to him, ‘Pakistan is facing a severe shortage of capital to combat the effects of climate change.’

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He said that in the next round of the IMF program The IMF Additional funding for Pakistan from the K Trust Fund is under consideration. This funding will help Pakistan address the capital shortfall to combat the effects of climate change.

During the conference, Federal Minister for Energy Muhammad Ali said in his address that ‘the cost of climate change is very high and it is continuously increasing as the country is facing severe economic challenges.’

He said that Pakistan needs substantial investment in infrastructure of energy assets by 2040 for energy transition.

On this occasion, OCCI Vice President Rehan Shaikh said in a conversation with Independent Urdu that ‘all topics were in line with the COP 28 held in the United Arab Emirates at the end of November.’

According to him, ‘These included climate change and capacity building in the most affected communities, plastic and waste management and emission reduction and green energy among other important topics. In which not only government institutions but public and private sector will work together.