\u2022 Official says mission due on Feb 24 for \u2018review & discussion\u2019
\n\u2022 Sherry urges structured climate financing to tackle environmental crisis
\n\u2022 Aurangzeb says bureaucratic hurdles continue to obstruct access to climate funds<\/p>\n
ISLAMABAD: An International Monetary Fund mission will arrive in Islamabad next week to discuss around $1 billion in climate financing for Pakistan, an adviser to the finance minister said on Thursday.<\/p>\n
Khurram Schehzad told Reuters that the mission would visit from Feb 24 to 28 for a \u201creview and discussion\u201d of climate resilience funding.<\/p>\n
The disbursement will take place under the Fund\u2019s Resilience and Sustainability Trust, created in 2022 to provide long-term concessional cash for climate-related spending, such as adaptation and transitioning to cleaner energy.<\/p>\n
Pakistan made a formal request in October last year for around $1bn in funding from the IMF under the trust, to address the nation\u2019s vulnerability to climate change.<\/p>\n
The country\u2019s economy is on a long path to recovery after being stabilised under a $7bn IMF Extended Fund Facility it secured late last year.<\/p>\n
Another IMF mission will arrive in Pakistan in the first week of March for a first review of that facility, Mr Schehzad said.<\/p>\n
The Global Climate Risk Index places Pakistan among the countries most vulnerable to climate change.<\/p>\n
Floods in 2022, which scientists said were aggravated by global warming, affected at least 33 million people and killed more than 1,700. The country\u2019s economic struggles and high debt burden impinged on its ability to respond to the disaster.<\/p>\n
Structured climate financing<\/p>\n
Meanwhile, Senator Sherry Rehman on Thursday stressed the urgent need for structured climate financing to address the country\u2019s growing environmental challenges.<\/p>\n
Ms Rehman, chairing the Senate Standing Committee on Climate Chan\u00ad\u00adge, highlighted Pakistan\u2019s financial constraints compared to Bangla\u00addesh, calling for immediate intervention.<\/p>\n
During the meeting, discussions centred on bridging the estimated $340bn funding gap required for sustainability in collaboration with the Ministry of Finance.<\/p>\n
\u201cClimate finance is more than just pledges; it requires accessible funds and institutional capacity for resilience,\u201d Ms Rehman said. \u201cOur current financial frameworks are inadequate, and without a robust strategy, Pakistan will struggle with climate adaptation and mitigation.\u201d<\/p>\n
According to a statement, Finance Minister Muhammad Aurangzeb acknowledged the challenges and stressed the importance of a structured approach, incorporating key enablers such as the National Adaptation Plan and National Climate Finance Strategy. He emphasised the need for clear definitions of green technology to enable effective monitoring.<\/p>\n
He also noted that the World Bank\u2019s Country Partnership Frame\u00adwork prioritised climate financing, while ongoing discussions with the IMF under the Extended Fund Facility aim to secure around $1bn. However, bureaucratic hurdles continue to obstruct climate fund access, necessitating streamlined processes, he stressed.<\/p>\n
Sherry Rehman and the finance minister agreed on the need for innovative climate financing mechanisms to mobilise resources effectively. They also reviewed the Electric Vehicle (EV) Policy, with Ms Rehman emphasising its importance in reducing emissions and combating urban pollution.<\/p>\n
\u201cPunjab\u2019s smog crisis and the broader energy transition depend on active EV adoption,\u201d she said.<\/p>\n
Mr Aurangzeb echoed this sentiment, noting that policy alignment in the budget is crucial for EV initiatives. He announced the formation of an advisory board to oversee policy implementation and address taxation anomalies hindering EV adoption.<\/p>\n
\u201cRemoving these barriers will incentivise importers and manufacturers, facilitating a shift to a cleaner transport system,\u201d he added.<\/p>\n
Ms Rehman also called for urgent reforms in carbon sink management, particularly in mangrove restoration. She urged policy adjustments to enable Sindh to utilise its delta resources more effectively.<\/p>\n
\u201cPrivate funding alone is unsustainable. We must explore innovative financing options, including foreign markets for waste management,\u201d she said.<\/p>\n
She further advocated for structured project metrics, debt swaps and institutional agility to enhance financial viability.<\/p>\n","protected":false},"excerpt":{"rendered":"
\u2022 Official says mission due on Feb 24 for \u2018review & discussion\u2019 \u2022 Sherry urges structured climate financing to tackle environmental crisis \u2022 Aurangzeb says bureaucratic hurdles continue to obstruct access to climate funds ISLAMABAD: An International Monetary Fund mission will arrive in Islamabad next week to discuss around $1 billion in climate financing for […]<\/p>\n","protected":false},"author":1,"featured_media":5823,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"_links":{"self":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/5822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5822"}],"version-history":[{"count":1,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/5822\/revisions"}],"predecessor-version":[{"id":5824,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/5822\/revisions\/5824"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/media\/5823"}],"wp:attachment":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}