Pakistan’s urgent need for roadmap to climate financing
Climate change is no longer a myth but a reality embodied in the growing carbon footprint of highly vulnerable countries like Pakistan.
Dealing with climate change is no longer a choice for Pakistan. It is an imperative. However, the availability of adequate, predictable and sustainable sources of finance is a prerequisite for taking meaningful actions for climate change, and Pakistan has yet to find those funding sources.
In climate financing, funds from developed nations are needed to help developing nations cut their emissions. Such financing has been a central element of discussion since 1992, but the focus has now turned to mobilizing developed nations to achieve the target figure of US$100 billion a year by 2020. So far, the developed world is shying away from this responsibility and has yet to deliver on what they had committed to. This has made it even more urgent for highly vulnerable countries like Pakistan to explore other sources of international funding to help address environmental problems knocking at our door.
Globally, finances to tackle this daunting challenge are insufficient and scattered, with competing demands from developing countries including the Least Developed Countries and the Small Island Development States. Pakistan does not fall into either of these groups and the chances of securing climate finance from international sources are subject to national commitment and proactive action by the country seeking those funds. Government ownership, in terms of allocation of matching funds for climate change, will also be the key determinant to attract foreign funding for climate change.
Pakistan’s increasing vulnerability to climate change has put a great responsibility on policymakers and practitioners to undertake corrective action in the form of mitigation and adaptation to climate change. Mitigation aims to reduce or prevent the emission of greenhouse gases, while adaptation seeks to lower the risks posed by the consequences of climate changes. But all that requires adequate financial resources.
The country is increasingly vulnerable to climate changes but has yet to find adequate funding sources to tackle the problem.
Dr. Mehreen Mujtaba
The government of Pakistan needs to explore various international sources of climate finance to adequately fund priority programs.
But this can only be realized if the mapping of various international sources of climate finance is accomplished, which could in turn lead to the possibility of tapping prospective sources of climate finance. The creation of a climate change fund or facility at the national level is one of the core determinants to showcase national ownership and receive international funding.
Pakistan has been confronted with a number of issues including terrorism, border tensions and an energy crisis that has impacted foreign investment and economic development. In such circumstances, any added shock in the form of climate extremities such as mega floods, drought, heat waves and cyclones can impact national security of the country. In order to prepare for such an event, the government needs to act proactively to create a dedicated funding mechanism that caters to such eventualities.
To achieve that, Pakistan needs to approach various bilateral, multilateral and private sector entities to explore the options for climate finance. Pakistan should also engage in the deliberation process of climate change negotiations under the United Nations Framework Convention on Climate Change.
The critical role of the domestic private sector as a potential donor for climate change activities must also be recognized by the government, while projects on a public-private partnership basis need to be prioritized. The Pakistani government must proactively take ownership of climate change by making it a mainstream policy that is part of its national development program, and by allocating dedicated budget lines for climate change in its public sector development program.
• Dr. Mehreen Mujtaba is a freelance consultant working in the areas of environment and health.
