Pakistan says will discuss funding for climate change at COP28 UAE

This photograph shows an aerial view of a village wrecked by floods in the Okara district of Punjab province on August 28, 2023. (AFP/File)
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Updated 02 November 2023
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Pakistan says will discuss funding for climate change at COP28 UAE

  • Finance Minister says Pakistan needs $340 billion to meet climate, development challenges until 2023
  • mIn August 2022, torrential monsoon rains triggered the most devastating floods ever in Pakistan’s history

ISLAMABAD: Foreign Minister Jalil Abbas Jilani said on Thursday Pakistan would focus on solution-based discussions at this year’s COP28 climate conference in Dubai, including on funding for climate change-affected countries.

The 2023 United Nations Climate Change Conference or Conference of the Parties of the UNFCCC, more commonly referred to as COP28, will be the 28th United Nations Climate Change conference, held from November 30 until December 12, 2023, at the Expo City, Dubai.

In August 2022, torrential monsoon rains triggered the most devastating floods in Pakistan’s history, killing around 1,700 people. Over 33 million people were affected by the floodwaters — a staggering number close to the population of Canada. Millions of homes, tens of thousands of schools as well as thousands of kilometers of roads and railways still need to be rebuilt.

Pakistan produces less than one percent of the world’s carbon footprint but, according to the Global Climate Risk Index, is currently the fifth most climate-vulnerable country in the world, having lost nearly ten thousand lives and suffering economic losses worth $3.8 billion due to climate change throughout the years 1999 to 2018.

“Pakistan has been affected by the floods caused by climate change last year,” Jilani said in a pre-conference speech in Islamabad. “Unfortunately, countries like Pakistan are affected by climate change and global carbon despite its minimum share in it.”

He reiterated Pakistan’s “full cooperation” to combat climate change and said it planned to convert 30 percent of vehicles to electric vehicles by 2030

“At this year’s COP28 conference, there will be a discussion on solutions, including funding for climate change-affected countries,” Jilani added.

“We are optimistic about the COP28 conference in the United Arab Emirates this year and hope the conference will yield positive results to tackle climate change.”

Changing seasonal weather patterns, rising temperatures, variability of monsoons and melting of glaciers in the north — compounded with recurrent extreme weather events and natural disasters — are just some of the effects of climate change that Pakistan has been forced to contend with in recent years.

Speaking at the second Pakistan Climate Conference organized by the Overseas Investors Chamber of Commerce and Industry (OICCI), Finance Minister Dr. Shamshad Akhtar said on Wednesday Pakistan needed $340 billion to address climate and development challenges between 2023 and 2030. The amount is equivalent to 10 percent of the cumulative GDP during the same period.

“I think we need to be conscious that getting money is a big issue that we face in addressing the climate agenda,” she said, highlighting that seeking money for climate finance undercut other development finance requirements.


Pakistan expands crypto engagement with appearance at Mar-a-Lago finance forum

Updated 19 February 2026
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Pakistan expands crypto engagement with appearance at Mar-a-Lago finance forum

  • Pakistan Virtual Assets Regulatory Authority Chairman Bilal bin Saqib attends World Liberty Financial event at Trump’s Mar-a-Lago estate
  • Discussions focused on future of global financial infrastructure, digital assets, stablecoins, capital markets innovation, says Saqib’s office 

ISLAMABAD: Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman and Minister of State Bilal bin Saqib joined global finance leaders at an event hosted by World Liberty Financial, a crypto venture linked to US President Donald Trump’s family, Saqib’s office said on Thursday. 

The event was hosted by World Liberty Financial, a crypto-based finance platform launched in September 2024 linked to Trump’s family. According to Saqib’s office, the gathering was held at Mar-a-Lago, the private estate and club owned by Trump in Florida. 

Speakers and attendees at the event included David Solomon, chairman and CEO of Goldman Sachs, Adena Friedman, chairperson and CEO of Nasdaq as well as Lynn Martin, president of the New York Stock Exchange, Saqib’s office said. The event was organized and hosted by Eric Trump and American businesspersons Zach Witkoff and Alex Witkoff. 

“Discussions focused on the future of global financial infrastructure, digital assets, stablecoins, capital markets innovation and the evolving relationship between regulation and emerging financial technologies,” the statement said. 

It said Saqib’s attendance at the event reflected Pakistan’s growing engagement with global discussions shaping the next phase of financial and technological transformation.

“As Pakistan moves toward modernizing its financial infrastructure and strengthening its position in the global digital economy, such high-level engagements signal increasing international recognition of the country’s regulatory direction and leadership,” the statement added. 

Last month, Pakistan signed a memorandum of understanding with a company affiliated with World Liberty Financial to explore the use of a dollar-linked stablecoin for cross-border payments.

Pakistan has stepped up efforts recently to regulate its digital asset sector and is exploring digital currency initiatives as part of broader measures to reduce cash usage.