According to Muhammad Ishaq Dar, the deputy prime minister and foreign minister, the current international finance system is biased against climate-responsive investment in developing nations.
Pakistan, according to Dar, continues to rank in the top ten nations most affected by climate change. The catastrophic floods of 2022 caused losses and damages of more over USD 30 billion, and they reduced Pakistan’s GDP by 4%. It took USD 348 billion for Pakistan to become climate resilient by 2030.
Dar stated Pakistan’s continued commitment to working with the international community to address climate change.
“We allocate 20% of our annual public sector program to climate-responsive public investments, which include climate-smart agriculture, renewable energy, and integrated flood response,” he added. The goal of Pakistan’s national climate finance plan is to use climate finance to meet our demands for adaptation as well as mitigation,” he added.
Dar praised the forum’s dedication to establishing innovative climate finance tools that will unlock accessible, affordable, and available climate funding for developing nations.
