KP to increase climate change fund to Rs40bn

PESHAWAR: The Khyber Pakhtunkhwa government has decided to increase the climate change fund to Rs100 billion by 2028, with next year’s allocation being doubled from Rs 20 billion to Rs40 billion.

In this regard, Adviser to Chief Minister for Finance and Inter-Provincial Coordination Muzammil Aslam participated in the Convention on Climate Change (COP 29) in Baku, Azerbaijan, where he, along with other team members from Khyber Pakhtunkhwa, took part in a panel discussion on the session titled “Clean Water and Climate Resilience: Transforming Pakistan’s Water and Agricultural Landscape.”

Speaking on watershed management, Muzammil Aslam highlighted the need for 5,000 watersheds in Khyber Pakhtunkhwa, requiring an investment of Rs 115 billion.

He mentioned that only 250 watersheds had been constructed in the province so far, and more were urgently needed.

Underlining the need for investment in the province, Muzammil Aslam remarked: “We cannot wait any longer. If investors spend one dollar, we will also ensure proportional investment.”

He shared that Khyber Pakhtunkhwa has allocated Rs. 20 billion for climate change initiatives this year and will double the allocation annually.

For the next fiscal year, Rs. 40 billion will be earmarked, and by the provincial government’s fifth year, Rs. 100 billion will be dedicated to climate change funding.

Discussing governmental efforts to combat the impacts of climate change, he said that measures are being taken to the best of their capacity. A “Billion Tree Plus” project is being launched to counter the effects of climate change.

He added that forests have been planted on 6,000 acres under the Billion Tree Project, providing clean air equivalent to offsetting 8.1 million tons of carbon dioxide emissions.

On the topic of green energy, Muzammil Aslam stated that the KP government was focused on green energy.

The government welcomes partners and investors for green energy projects.

He claimed that there are currently no carbon footprints from climate change in Khyber Pakhtunkhwa. Through platforms like COP 29, he hopes to address the anticipated effects of climate change effectively.