Latest news with #NationalClimateFinanceStrategy
Business Recorder
07-08-2025
- Business
- Business Recorder
Minister advocates effective climate finance mobilisation
ISLAMABAD: Minister for Climate Change and Environmental Coordination Senator Musadiq Masood Malik said that the ministries of Finance and Economic Affairs directly deal for $21.85 billion loans agreements, with the Work Bank ($20 billion) and IMF ($ 1.3 billion) and Asian Development Bank ($550 million), as these are budgetary support for climate resilience projects. In a written reply to a question to the National Assembly on Wednesday, Musadiq Masood Malik said that Ministry of Climate Change supported implementation of the climate change-related policy interventions of these loan agreements. He said that the Minister for Finance has given verbal commitment to allocate funds from these budgetary support loans for climate-related interventions, for which, the ministry is preparing projects to create resilience against climate challenges. He said that there are three main sources for climate-specific funding namely, Green Climate Fund (GCF), Global Environment Facility (GEF) and Adaptation Fund. He said that these three sources have mandated climate priorities where the funds could be spend. He said that the Ministry of Climate Change being national designated authority for these funds ensures that all the projects submitted for climate funding to these entities falls within the priorities as indicated in the National Adaptation Plan approved by the federal government and these projects are focused on climate-related activities. The minister said that in addition these entities also screen all the projects submitted for climate funding have significant climate action to justify the funds. He said that the implementation monitoring of these projects is also carried out both by the ministry, as well as, these entities on periodic basis to ensure that the funds are not diverted to unrelated projects. He said that transparency and accountability of these projects is ensured through dedicated Project Steering Committees set up for each project, which meet regularly to ensure that the project implementation is carried out in a transparent manner and project team is made fully accountable for any lapse in project implementation. The minister said that the Ministry of Climate Change is developing National Climate Finance Strategy (NCFS) with the core objective to leverage climate finance internationally and domestically by promoting green financing. He said that it is important to provide a comprehensive framework for mobilising and deploying climate finance, aligning with national priorities and international commitments. He said that a comprehensive implementation, monitoring and accountability mechanism is being devised by opting whole of government approach which will include all stakeholders (relevant federal ministries, all the provinces including AJK and GB and Pakistan Climate Change Council which is chaired by the prime minister). Copyright Business Recorder, 2025
Express Tribune
21-02-2025
- Business
- Express Tribune
Senate body for climate financing reforms
The Senate Standing Committee on Climate Change, Thursday emphasized the urgent need for innovative climate financing solutions to address Pakistan's growing environmental challenges. The meeting, that met with Senator Sherry Rehman, in the chair focused on bridging the staggering $340 billion funding gap required for climate resilience, advancing the Electric Vehicle (EV) Policy, and addressing bureaucratic hurdles in accessing climate funds. Finance Minister Muhammad Aurangzeb emphasised the need for a structured approach, incorporating key enablers such as the National Adaptation Plan and National Climate Finance Strategy. "Green technology is pivotal for sustainability, but clear definitions and parameters are essential for effective monitoring and reporting," he said. He also noted ongoing discussions with the IMF under the Extended Fund Facility, with around $1 billion expected. However, bureaucratic inefficiencies continue to hinder access to climate funds, underscoring the need for streamlined processes.
Express Tribune
07-02-2025
- Business
- Express Tribune
FinMin for moving beyond policy prescriptions
Listen to article ISLAMABD: Minister for Finance Muhammad Aurangzeb on Thursday stressed the need for adopting the policies framed to address climate change-related challenges on a fast-track basis by moving beyond "policy prescriptions." "There is no dearth of policy prescriptions; it is all about how and who. I sincerely hope this conference will address the operationalisation issues," he said at an international climate change conference titled "Breathe Pakistan." He said Pakistan was one of the most vulnerable countries to climate change and urgently needed to make mitigation efforts. However, the real and bigger issue was the adoption of policies in true letter and spirit. In that regard, he cited the National Adaptation Plan (NAP) and the National Climate Finance Strategy (NCFS) that Pakistan announced in Baku, Azerbaijan, in November 2024. The launch of the strategy took place at the United Nations-led global climate conference, COP29, setting forth a framework to scale up climate-related investments, attract international financing and strengthen domestic financial systems. It also called for enhancing resilience of different sectors, clarifying institutional roles and improving access to diverse funding channels. He said the NCFS had been aligned with Pakistan's Nationally Determined Contributions (NDCs) under the Paris Agreement with the aim of closing the estimated $348 billion climate finance gap by 2030. The minister expressed gratitude to the Vulnerable Twenty (V20) group, which was working on a comprehensive climate prosperity plan, expected to be unveiled in April. Aurangzeb mentioned that the State Bank of Pakistan (SBP) would issue comprehensive guidelines on a green economy framework, including how to structure, monitor and finance green initiatives. "It is important to have a green economy framework as we move forward," he remarked. He also commented on the pledges made by donors, world-leading financial institutions and countries at various sessions of the Conference of Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCCC). Turning to the national economy, the finance minister noted that Pakistan had made significant progress on the macroeconomic front in the last 12 to 14 months with inflation dropping to 2.4% in January. "More importantly, on the back of this macroeconomic stability, we are executing structural reforms and strengthening the tax net," he said and praised the provincial governments for passing legislation on the agricultural income tax, which was "a key step towards expanding the tax net." He talked about the government's austerity measures, highlighting the rightsizing efforts targeted at the federal ministries and attached departments, in addition to abolishing the vacant posts as part of earlier announcements to curtail state expenditures. During the day, Finance Minister Aurangzeb also held separate meetings with former caretaker finance ministers Shahid Javed Burki and Shamshad Akhtar at the Finance Division. In the meetings, views were exchanged on Pakistan's economic progress and the government's strategic efforts to restore macroeconomic stability and lay the foundation for sustainable economic growth.
