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$340 Billion Required to Address Climate Crisis in Pakistan: Finance Minister

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In a recent announcement, Pakistan’s Caretaker Finance Minister, Shamshad Akhtar, highlighted the need for a substantial investment of around $340 billion, equivalent to 10% of the country’s GDP, to address the climate crisis. This investment is crucial to combat the growing climate-related challenges faced by Pakistan.

Minister Akhtar emphasized the dilemma of balancing climate finance with developmental finance and the need for innovative climate finance mechanisms. Pakistan’s vulnerability to climate change was underlined by the significant economic impact of events like last year’s floods, which devastated a large portion of the country.

The Minister of Energy, Muhammad Ali, stressed the importance of substantial investments in energy infrastructure to transition to clean energy sources by 2040. To achieve this, he encouraged leveraging the expertise of the private sector, especially organizations like OICCI.

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To address the issues surrounding climate change, the 2nd Pakistan Climate Conference brought together local and international climate experts, business executives, legislators, and activists. Pakistan is one of the countries most susceptible to climate crises, even though it produces less than 1% of the world’s greenhouse emissions.

The conference emphasized themes in line with the upcoming COP28, including climate resilience, waste management, and emissions reduction. OICCI, as a collective of multinational corporations in Pakistan, aims to take responsibility for its environmental footprint and collaborate with other stakeholders to minimize environmental impact.

The event showcased initiatives and campaigns aimed at addressing climate issues and provided policy directions to accelerate Pakistan’s journey toward a climate-positive future. Key figures and leaders from various sectors participated in the conference, underlining the urgency of aligning policies and investments with a net-zero future.

The conference was praised for its efforts to unite various stakeholders in the battle against climate change, with OICCI member companies playing a key role as sponsors.

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