Experts call for urgent action on climate smart financing

Islamabad:The Centre for Peace and Development Initiatives (CPDI), in collaboration with the Friedrich Naumann Foundation for Freedom (FNF), successfully hosted a consultative session titled ‘Climate Change and the Importance of Climate Smart Financing.’

The event brought together prominent parliamentarians, government officials, financial experts, and climate advocates to explore the critical role of sustainable finance in driving climate action. In his opening remarks, Mukhtar Ahmad Ali, Executive Director of CPDI, stressed the vital role legislators must play in addressing climate change, emphasising that despite Pakistan's minimal contribution to global emissions, it remains highly vulnerable to its effects. He called for stronger political will and bureaucratic reform to ensure climate-smart policies are implemented at every level of government.

Birgit Lamm, Country Head of FNF Pakistan, underscored the financial toll of climate change on Pakistan. She shared that the World Bank has estimated the damage from climate-related disasters to be $16 billion, with roughly 4% of the population plunged into poverty as a result. Lamm emphasised that despite these staggering losses and early warnings, Pakistan did not take sufficient action to mitigate the effects of the 2022 floods, which devastated the same regions impacted by the 2010 floods. She also called for more proactive measures to prevent future climate catastrophes.