Climate Change Happening Faster Than Expected: Sherry

News Desk

Islamabad: The scale and impact of climate change have increased dramatically with each passing year, necessitating a serious overhaul of the climate financing system in order to address the environmental disaster of the twenty-first century, said Federal Minister for Climate Change Sherry Rehman.

She was speaking at the launch of the World Bank Pakistan Country Climate and Development Report, which highlights the country’s vulnerabilities due to climate change and opportunities in shifting its development and policy paradigm to address climate mitigation and adaptation for achieving sustainable development.

Senator Sherry said that climate change and development are common problems of the world, whereas the environment is changing faster than planned. Global emissions continued to rise at a massive rate today, adding, “We need collective action as climate change cannot be tackled alone by one country or region.”

Pakistan is among the countries most adversely affected by climate change. Less than one per cent of carbon emissions originate in Pakistan.

Minister stated that the pace of climate change is accelerating. All countries and international organisations needed to work together to find solutions to stop climate change.

The federal ministry is developing climate change policy and distributing it to the provinces, whereas the provinces should develop their own laws based on their needs, stated Senator Rehman. She told that the government has also launched the National Clean Air Policy.

“Pakistan is in the midst of a financial crisis and the World Bank is crucial to handling climate change financing. By 2030, Pakistan would require $348 billion for climate mitigation and adaptation. Even if Pakistan entirely adopts green technology, our emissions will not have an impact on the climate,” said Sherry Rehman.

Senator Sherry stated that the goals of the World Bank were to end poverty and promote lasting prosperity, adding that “today, both the goals are challenged by climate change.”

“The Geneva conference was a great success, but when funding comes, another disaster on the ground could hit. I urge the World Bank and other financial institutions to reconsider the eco-finance system,” remarked Federal Minister.

Climate Finance

Climate finance refers to local, national or transnational financing—drawn from public, private and alternative sources of financing—that seeks to support mitigation and adaptation actions that will address climate change.

The Convention, the Kyoto Protocol and the Paris Agreement call for financial assistance from Parties with more financial resources to those that are less endowed and more vulnerable. This recognizes that the contribution of countries to climate change and their capacity to prevent it and cope with its consequences vary enormously.

Climate finance is needed for mitigation, because large-scale investments are required to significantly reduce emissions. Climate finance is equally important for adaptation, as significant financial resources are needed to adapt to the adverse effects and reduce the impacts of a changing climate.