Pakistan received the lowest climate financing in the last decade among all developing countries, according to a new report by the Asian Development Bank (ADB). The report, titled “Climate Finance in Asia and the Pacific: Trends and Outlook,” found that Pakistan received only $1.2 billion in climate financing between 2011 and 2020. This is significantly lower than the average of $6.7 billion received by developing countries during the same period.
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The report also found that the share of climate finance for adaptation in Pakistan is very low, at just 20%. This is concerning, given that Pakistan is one of the most vulnerable countries to climate change.
Why is climate financing important for Pakistan?
Climate change is a major threat to Pakistan’s development and economy. The country is already experiencing the impacts of climate change, such as more frequent and severe extreme weather events, rising sea levels, and melting glaciers.
They are essential for Pakistan to adapt to the impacts of climate change and build a more resilient future. Climate finance can be used to invest in a range of adaptation measures, such as early warning systems, drought-resistant crops, and flood-resistant infrastructure.
What are the challenges to climate financing in Pakistan?
There are a number of challenges to climate financing in Pakistan. One challenge is that the country is not a major emitter of greenhouse gases, so it is not eligible for some of the international climate finance mechanisms.
Another challenge is that the country has a weak institutional framework for managing climate finance. There is no single agency responsible for coordinating climate finance, and there is a lack of transparency and accountability in the way that climate finance is allocated and used.
What can be done to improve climate financing in Pakistan?
The government of Pakistan needs to take a number of steps to improve climate finance in the country. One step is to establish a single agency responsible for coordinating climate finance. This agency should be responsible for developing a national climate finance strategy, identifying and prioritizing climate finance needs, and allocating and managing climate finance resources.
The government also needs to improve transparency and accountability in the way that climate finance is used. This can be done by developing clear and transparent criteria for allocating climate finance, and by regularly reporting on the use of climate finance resources.
Pakistan received the lowest climate financing in the last decade among all developing countries. This is a stark reminder of the need for more climate financing for Pakistan. The country is facing a number of climate-related challenges, and climate financing is essential for Pakistan to adapt to these challenges and build a more resilient future.