Momentum around climate change adaptation and mitigation has been building in academic research and in political discussions worldwide. Adaptation requires significant resources and financing. Adequate funds are essential to catalyze a global transformation towards a climate resilient future. Several public and private sources of funds exist at international and national levels, such as multilateral funds, multilateral development banks (The World Bank and Asian Development Bank), NGOs, green bonds, and adaptation funds, etc.
Key international agreements, especially the Paris Agreement 2015, call upon the rich countries being the polluters to provide financial resources to fund those countries which are under-resourced and need to adapt. Pakistan requires an estimated 7 to 14 USD billion annually for climate adaptation. The climate vulnerable countries including Pakistan must be more stringent, robust, and interconnected (subnational stakeholders); they need to develop comprehensive framework to benefit from climate finance, ensure transparency in financial management, and focus on public private partnerships in addition to accessing international climate finance.
The Government of Pakistan (GoP) envisions to draw down its greenhouse gas (GHG) emissions by 50% by 2030. In economic sense, if a reduction of up to 20 percent occurs by 2030, approximately US$ 40 billion worth of investment will be required. Similarly, for a 15 percent drawdown in GHG emissions, around US$ 15.6 billion, and a 10 percent drawdown is calculated at US$ 5.5 billion. To fund this ambitious transition, the GoP seeks a 15% investment from domestic sources and a 35% augmentation from international sources.
Pakistan faces a stark and wide climate finance gap to realize its climate resilient polices and plans, especially when it has launched its National Resilience and Adaptation Plan 2023. The SDPI team has developed a position paper on state of climate finance in Pakistan’s context. To present the key asks from the position paper and generate a discussion around financing needs to address climate resilience, SDPI in collaboration with Oxfam GB and partners is organizing a seminar at the Sustainable Development Policy Institute, Islamabad on 18th September from 3:00 pm to 4: 30 pm.
The following few questions will be among other questions to be posed to the panelists:
1. What are major government policies and plans that address access to climate finance and the status of engagement with various financing forums?
2. What are the challenges with regards to accessing climate finance?
3. What is the state of coordination among various stakeholders including the private sector?
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