Islamabad:
On Thursday, the Senatorial Climate Change Committee underlined the urgent need for innovative climate financing solutions to meet the growing environmental challenges of Pakistan.
Reunion, which met Sherry Rehman Senator, in the chair, focused on filling the amazing financing gap of $ 340 billion required for climate resilience, progressing electric vehicle policy (EV) and approaching bureaucratic obstacles in access to climate funds.
The Minister of Finance, Muhammad Aurangzeb, underlined the need for a structured approach, incorporating key catalysts such as the national adaptation plan and the national climate financing strategy.
“Green technology is essential for sustainability, but clear definitions and parameters are essential for effective surveillance and reports,” he said.
He also noted ongoing discussions with the IMF as part of the extended funds, with around 1 billion dollars expected.
However, bureaucratic ineffectures continue to hinder access to climatic funds, highlighting the need for rationalized processes.
