Islamabad, Sep 25: During a consultative session held here on Tuesday, speakers addressed the pressing need for sustainable finance in solving the growing climate crisis.
The Friedrich Naumann Foundation for Freedom (FNF) and the Center for Peace and Development Initiatives (CPDI) collaborated to organize the session on “Climate change and the importance of climate-smart financing.” The event was attended by a wide range of lawmakers, public servants, financial specialists, and climate advocates, according to a release.
Mukhtar Ahmad Ali, Executive Director of CPDI, emphasized in his introductory remarks the critical role that lawmakers play in combating climate change. Even while Pakistan contributes very little to global emissions, the nation is nevertheless extremely vulnerable to its effects, he said. In order to guarantee that climate-smart policies are put into effect at all governmental levels, he demanded greater political will and administrative changes.
FNF Birgit Lamm, the Country Head of Pakistan, emphasized the substantial financial impact that climate change has had on the country. According to Ms. Lamm, who cited World Bank figures, climate-related calamities have caused $16 billion in damages and have forced about 4% of the population into poverty.
She emphasized the necessity of taking preventative action, citing Pakistan’s inadequate preparation for the 2022 floods, which destroyed areas already affected by the 2010 floods. She called for swift action to stop future climate disasters.
The parliamentary committee on climate change’s Shaista Pervaiz spoke about Pakistan’s ongoing climatic problems, many of which she linked to a lack of legislation. She pointed out that there were problems with coordination between federal and provincial agencies as a result of the 18th Amendment, which gave power to province governments.
In order to effectively achieve climate-related goals and satisfy Pakistan’s Nationally Determined Contributions (NDCs), she emphasized the significance of securing financial resources.The banking industry’s role in promoting climate resilience was emphasized by financial sector officials Rashid Azeem, Chief Green Banking Manager at UBL, and Amer Ejaz, CEO of Maher Consulting.
In order to integrate climate resilience into all investment decisions, they pushed for the implementation of green financing models and increased cooperation between financial institutions, the government, and players in the private sector.
Asim Jaffry of Fair Finance Pakistan and Dr. Majid Bilal of the Indus Consortium provided additional expert commentary on the real-world uses of environmental, social, and governance (ESG) frameworks and green funding. They emphasized the necessity of laws that guarantee social justice in addition to addressing environmental issues.
A unanimous plea for more coordination between public policy, financial systems, and climate goals marked the end of the session. The attendees pushed for climate-smart changes, transparent money usage, and dedicated climate financing for Pakistan’s legislators and officials.
