Islamabad, Feb 3: A delegation from the Climate Vulnerable Forum (CVF) – V20, representing finance ministers from nations most vulnerable to climate change, met with Federal Minister for Finance Senator Muhammad Aurangzeb at the Finance Division today to discuss urgent climate-related issues. The delegation, led by Sara Jane Ahmed, Managing Director of CVF-V20, engaged in detailed discussions on key topics such as climate risk mitigation, adaptation and mitigation financing, agricultural insurance, and enhancing urban flood resilience.
The delegation also shared updates on Pakistan’s initiatives in the climate space, including the country’s newly launched Carbon Market Policy and the establishment of the Panel on Coordinated Access to Net Zero at COP29. These initiatives, along with exploration into development financing through Paris-Aligned Carbon Markets, are central to advancing Pakistan’s climate goals and ensuring long-term sustainability.
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Minister Aurangzeb emphasized the severe environmental and climate risks Pakistan faces, urging the need for robust climate adaptation strategies and disaster preparedness. He highlighted that Pakistan has been actively pursuing various funding avenues in collaboration with international organizations such as the United Nations Development Programme (UNDP) and the World Bank (WB) to mitigate the effects of climate change.
The finance minister further stressed the importance of global cooperation, particularly the support of the V20, the Group of Seven (G7), and other nations within the ‘Global Shield,’ in addressing the pressing challenges of climate and disaster-related risks. He called for enhanced coordination in funding and capacity-building efforts to effectively combat these risks.
Minister Aurangzeb reaffirmed Prime Minister Shahbaz Sharif’s commitment to strengthening the disaster resilience of key sectors in Pakistan, especially agriculture, water, energy, health, and education. The Prime Minister’s vision is to ensure that Pakistan is fully resilient to the impacts of climate change, no matter the cost.
The CVF-V20 delegation, which included senior officials such as Hamza Haroon, Regional Director-South Asia CVF-V20, and Abena Takyiwaa Asamoah-Okyere, Director Country Platforms-CVF-V20, engaged in constructive discussions with officials from the Ministry of Finance and the Ministry of Climate Change. These talks further solidified Pakistan’s role as a proactive participant in the global efforts to combat climate change.