Finance Minister Muhammad Aurangzeb on Tuesday emphasized the importance of climate finance for Pakistan as he addressed the Pakistan Climate Conference, organized by the Overseas Investors Chamber of Commerce and Industry (OICCI).
The two-day conference taking place in Karachi brings together policymakers, business leaders, environmental experts, and thought leaders to tackle the escalating climate crisis facing Pakistan and propose actionable solutions for mitigation and adaptation.
“I commend OICCI for organizing this vital conference to confront the urgent climate challenges Pakistan faces,” said Aurangzeb in a virtual address. “Ranked among the top 10 most climate-vulnerable countries globally, and with damages from the devastating 2022 floods exceeding $30 billion, the urgency for sustainable solutions and financing has never been greater. Pakistan requires an estimated $348 billion by 2030 to achieve its climate adaptation and mitigation targets,” he said.
Noting the crucial need for innovative financing mechanisms, he said mobilizing required climate finance demanded enhanced access to international funding sources like the Green Climate Fund and the Adaptation Fund. “The success of Pakistan’s first green Eurobond in 2021, which raised $500 million, illustrates our capacity to attract sustainable investments. Expanding such initiatives, alongside tools like green bonds, sustainability-linked loans, and carbon credits, will empower the private sector to play a leading role in climate action,” he said.
He also affirmed the Ministry of Finance’s commitment to promote an enabling environment through fiscal reforms, regulatory support, and capacity building to attract both international and domestic investments in green projects.
In her keynote address, Pakistan Stock Exchange Chairperson Shamshad Akhtar emphasized the economic risks posed by climate change and the need for integrating resilience into national economic strategies. She said Pakistan must urgently focus on nurturing its green finance markets to ensure sustainable development and resilience against climate challenges.
“This requires developing a strong midterm strategic financing plan that aligns with our climate goals and economic priorities. Climate vulnerabilities are not just environmental risks but also the biggest economic threats we face, especially considering Pakistan’s economic struggles,” she added.
OICCI President Yousaf Hussain reiterated the chamber’s commitment to sustainable development. He emphasized the importance of public-private partnerships and collaborative efforts to achieve Pakistan’s climate goals. “Pakistan’s position as one of the most climate-vulnerable countries calls for urgent and collective action,” he said. “This conference serves as a platform to catalyze transformative change, enabling us to address sustainability challenges and build a resilient future,” he added.
The two-day conference would feature panel discussions and presentations on critical topics, including climate finance, economic impacts of climate change, advancing circularity, decarbonization, and public-private partnerships for climate resilience. Thought leaders and experts from Pakistan and abroad will share insights to build a cohesive framework for climate action.
The second day would focus on actionable strategies, including policy recommendations and business innovations to drive sustainable development. The event would conclude with a unified call to action for stakeholders to implement effective climate solutions.