Shortage of Climate Finance, Technical Capacity Hindering Pak Efforts: Sherry

News Desk

Islamabad: Pakistan faces dual challenges of limited accessibility to climate finance and a lack of technical capacity, impeding its progress in achieving crucial climate adaptation and mitigation goals, said Senator Sherry Rehman.

Ministry of Climate Change and Environmental Coordination Federal Minister Sherry Rehman further stated on Friday that climate finance is uncharted territory for many developing countries like Pakistan due to a significant knowledge and capacity gap on this critical issue.

Most countries are still experimenting with many climate financing toolkits: developing countries like Pakistan need much higher degrees of technical capacity to projectise ideas and needs for these to compete in Int’l markets. Green financing is not something that flows… pic.twitter.com/sqKPXb60YB

— SenatorSherryRehman (@sherryrehman) July 7, 2023

In delivering a keynote address at the launch event of the Climate Finance Accelerator (CFA) organised by the UK Government, the Minister emphasised the significant role that programmes like CFA could play in knowledge creation, building capacity, and creating new pathways within both the public and private sectors, a news release said.

Sherry underlined the challenge of prioritising climate change in both sectors and highlighted the potential of such initiatives to elevate the government’s narrative on climate finance.

By creating awareness and aligning public interests with government objectives, these programmes can effectively enhance the discourse on climate finance, Rehman added.

She said that the restoration of the mangrove forests has the potential to improve Pakistan’s ability to mitigate climate change by averting emissions of 27 million metric tonnes of CO2 throughout the project’s lifetime.

“We want an action COP as time is running out, and the clock is ticking. 2030 is the defining decade for us. We are encouraged by the prioritization of “leaving no one behind” and we are your partners in building the platform for a global inclusive future,” said @sherryrehman pic.twitter.com/LZbmZrLghR

— SherryRehman’sTeam (@SRehmanOffice) July 6, 2023

The majority of the funds from that carbon trade will be used to rebuild mangroves, improve water conservation efforts, and create chances for small farmers to engage in climate-smart agriculture, Federal Minister further added.

Sherry emphasised that climate inaction had disrupted nature’s ability to maintain its natural weather patterns, and it was crucial for society to take responsibility for creating an environment where nature could thrive and preserve its existing balance.

Senator further said, “We need promises made at COP27 to materialise, but clearly the financial challenges faced by the international public sector in meeting the massive funding requirements of the developing world fall far short of the quantum of funding now needed.”