ISLAMABAD: Pakistan’s Minister for Climate Change Dr. Musadik Malik on Saturday called for an “equitable, accessible” climate finance for vulnerable nations, saying that climate action must be treated as a shared global responsibility.

Malik was speaking at a high-level conference titled: “The Bottom Line: Why Tackling Environmental Degradation Is Critical to the Future of the Global Financial System” held on the sidelines of the United Nations Environment Assembly (UNEA) in Nairobi. 

Pakistan has suffered repeated climate-inducted disasters frequently over the years. Devastating floods this year claimed over 1,000 lives in the country during the monsoon season. Super floods in 2022 cost the country an estimated $30 billion in damages. 

“Federal Minister for Climate Change and Environmental Coordination Dr. Musadik Malik has stressed that environmental degradation poses systemic risks to the global financial system and called for more accessible and equitable climate finance for vulnerable countries,” state-run Associated Press of Pakistan (APP) reported. 

Participants highlighted the importance of policy coherence, effective regulatory frameworks and whole-of-government approaches to create enabling conditions for sustainable finance.

Pakistan has been pushing for easy access and terms of financing for developing countries that suffer from climate change effects over the past few years at global events such as the Conference of the Parties (COP) and World Economic Forum. 

Dr. Malik noted that countries contributing least to global emissions were among those facing the “most severe” impacts of climate change. 

Pakistan contributes less than 1 percent to the total greenhouse gas emissions.

“The minister underscored the role of international cooperation and responsible private sector engagement in ensuring that financial stability and environmental sustainability reinforce each other,” the APP report said. 

The summit brought together global leaders, policymakers, financial regulators and experts to discuss how governments are steering private finance toward pathways that strengthen economic and financial stability. 

Discussions also focused on mobilizing private capital for high-impact sectors and integrating environmental risks into financial decision-making processes.