ISLAMABAD: The United Kingdom has announced more than £55 million of support to help Pakistan tackle climate change as part of the COP26 global climate change summit this week, said the British High Commission in Islamabad on Thursday.
Pakistan has been ranked the eighth most vulnerable country to climate change, as estimates suggest 36 percent of glaciers along the Hindu Kush and Himalayan ranges will disappear by the end of this century.
The British High Commission noted in its statement that 90 percent of the world’s economy was covered by net zero targets, up from less than 30 percent when the UK took on the presidency of COP26.
It added this would also help the most vulnerable countries like Pakistan.
“The new funding for climate change in Pakistan is split into three parts,” it announced. “A 5-year climate resilience programme – worth £38 million – will help Pakistan’s poorest communities to protect themselves from the changing climate; a 5-year water governance programme – worth £15 million – will make water use in Pakistan more sustainable and water access fairer; [and] an additional £2.5 million to support new ways of attracting much needed climate investment to Pakistan, including on the development of a Nature Performance Bond.”
The statement added that the British High Commissioner was also going to announce the urgently needed new programs at a high-level reception.
“For Pakistan, climate change could be catastrophic,” British High Commissioner Dr. Christian Turner was quoted as saying in the statement. “That is why we are working together on trees and finance, and mobilising leading Pakistani businesses. This £55m new funding will ensure Pakistan becomes more resilient to climate impacts, with more sustainable water use and greater access to climate finance, so improving lives and livelihoods.”
The UK is already working on several environmental initiatives with Pakistan. These include a campaign to have 26 Pakistani companies commit to halving emissions by 2030 and getting to net zero by 2050 and making its government join more than 100 countries to pledge to end and reverse deforestation by 2030.
The British High Commission said the UK had been working closely with Pakistan on climate change even before COP26 and would provide £7 million this year to help the country achieve its climate change objectives.
UK pledges over £55m to help Pakistan fight climate change
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UK pledges over £55m to help Pakistan fight climate change
- The British High Commissioner says climate change can be ‘catastrophic’ for Pakistan as global climate change summit continues in Glasgow
- Pakistan has been ranked the eighth most vulnerable country to climate change, as experts say it may lose 36 percent of glaciers by the end of the century
Pakistan, ADB sign $730 loan agreements to boost SOE reforms, energy infrastructure
- Both sign $330 million Power Transmission Strengthening Project and $400 million SOE Transformation Program loan agreements
- Economic Affairs Division official says Transmission Project will secure Pakistan’s energy future by strengthening national grid’s backbone
KARACHI: Pakistan and the Asian Development Bank (ADB) on Thursday signed two loan agreements totaling $730 million to boost reforms in state-owned enterprises (SOEs) and energy infrastructure in the country, the bank said.
The first of the two agreements pertains to the SOE Transformation Program worth $400 million while the second loan, worth $330 million, is for a Power Transmission Strengthening Project, the lender said.
The agreements were signed by ADB Country Director for Pakistan Emma Fan and Pakistan’s Secretary of Economic Affairs Division Humair Karim.
“The agreements demonstrate ADB’s enduring commitment to supporting sustainable and inclusive economic growth in Pakistan,” the ADB said.
Pakistan’s SOEs have incurred losses worth billions of dollars over the years due to financial mismanagement and corruption. These entities, including the country’s national airline Pakistan International Airlines, which was sold to a private group this week, have relied on subsequent government bailouts over the years to operate.
The ADB approved the $400 million loan for SOE reforms on Dec. 12. It said the program seeks to improve governance and optimize the performance of Pakistan’s commercial SOEs.
Karim highlighted that the Power Transmission Strengthening Project will enable reliable evacuation of 2,300 MW from Pakistan’s upcoming hydropower projects, relieve overloading of existing transmission lines and enhance resilience under contingency conditions, the Press Information Department (PID) said.
“The Secretary emphasized that both initiatives are transformative in nature as the Transmission Project will secure Pakistan’s energy future by strengthening the backbone of the national grid whereas the SOE Program will enhance transparency, efficiency and sustainability of state-owned enterprises nationwide,” the PID said.
The ADB has supported reforms by Pakistan to strengthen its public finance and social protection systems. It has also undertaken programs in the country to help with post-flood reconstruction, improve food security and social and human capital.
To date, ADB says it has committed 764 public sector loans, grants and technical assistance totaling $43.4 billion to Pakistan.
