Finance Minister Muhammad Aurangzeb has singled out climate change as the existential threat facing Pakistan.
Addressing a High-Level Dialogue of the Fund for Responding to Loss and Damage on the sidelines of 2025 World Bank and International Monetary Fund (IMF) spring meetings, he said Pakistan is the biggest proponent of the Loss and Damage Fund set up at COP28 through an agreement by 198 countries. The agreement seeks to assist particularly vulnerable developing countries in responding to economic and non-economic loss and damage associated with the adverse effects of climate change, including extreme weather events and slow onset events
In his address, the minister underlined the urgency of operationalizing the Fund and the importance of integrity of the whole process with adequate checks and balances.
Emphasizing that simplicity and agility should be the guiding principles, Aurangzeb stressed the need for speedy disbursements under the Fund unlike the experience of LDCs and the most vulnerable countries with the existing climate funds.