ADB Supports Pakistan with $500M for Climate Change Challenges

News Desk

Karachi: The State Bank of Pakistan (SBP) has confirmed receiving a $500 million loan from the Asian Development Bank (ADB) to bolster its efforts against the growing impacts of climate change.

The funds will be added to the country’s foreign exchange reserves in the coming week, according to the SBP.

This financial assistance underscores the ADB’s commitment to supporting Pakistan’s resilience in the face of climate-induced challenges.

The loan will contribute to various initiatives aimed at mitigating the adverse effects of climate change and building long-term sustainability.

At the COP29 Summit in Baku, Azerbaijan, Pakistan reinforced its commitment to addressing climate issues with a special focus on protecting children and young people.

During the event, Pakistani leaders, in collaboration with UNICEF, signed the Declaration on Children, Youth, and Climate Action. This pledge highlights the government’s determination to safeguard the rights of Pakistan’s 112 million children and youth, who are increasingly vulnerable to climate-related disasters, displacement, and trauma.

Romina Khurshid, the Prime Minister’s Coordinator on Climate Change, emphasized the importance of integrating child rights into climate policy frameworks. Speaking on the occasion, she stated:

“We pledge to embed the needs and rights of children in Pakistan’s climate policies, particularly in the upcoming Nationally Determined Contributions 3.0, which will be a key focus at COP30 in Brazil next year.”

The loan and the declaration reflect Pakistan’s dual approach to addressing the urgent challenges posed by climate change while prioritizing the welfare of its younger generation. These steps signal a renewed commitment to building a sustainable and inclusive future amid escalating environmental challenges.