ISLAMABAD: Pakistan has unveiled its first-ever National Climate Finance Strategy (NCFS), aimed at mobilizing financial resources for climate mitigation and adaptation, Radio Pakistan reported on Friday.
The strategy was launched by Federal Minister for Finance, Muhammad Aurangzeb, and the Prime Minister’s Coordinator on Climate Change, Romina Khurshid Alam, at the Pakistan Pavilion in Baku on the sidelines of the two-week UN-led global climate conference (COP29).
“[Strategy] outlines a comprehensive framework to scale up climate-related investments, attract international funding, and strengthen domestic financial systems,” Radio Pakistan reported.
“The strategy provides a roadmap for Pakistan to systematically access climate finance from a variety of domestic and international sources, reinforcing the country’s commitment to the Paris Agreement and its climate resilience goals.”
Speaking on the occasion, Aurangzeb said the strategy would enable Pakistan to leverage international, domestic, and private finance to support climate resilience efforts.
The strategy prioritizes sectoral resilience and the development of climate-smart policies across key sectors such as agriculture, infrastructure, and urban planning, the finance minister said, adding that NCFS identified key financial instruments and channels for climate action, aiming to close the estimated $348 billion climate finance gap facing the country by 2030.
The NCFS also incorporates a new National Climate Finance Portal that will track climate finance inflows and outflows, ensuring transparency and accountability.
Pakistani Prime Minister Shehbaz Sharif, who spoke at a number of events at COP29 earlier this week, used the forum to highlight the need to restore confidence in the pledging process and increase climate finance for vulnerable, developing countries.
The main task for nearly 200 countries at the COP29 summit from Nov. 11-22 is to broker a deal that ensures up to trillions of dollars in financing for climate projects worldwide.
Pakistan is ranked the 5th most vulnerable country to climate change, according to the Global Climate Risk Index. In 2022, devastating floods killed over 1,700 people and affected over 33 million, with economic losses exceeding $30 billion. International donors pledged over $9 billion last January to aid Pakistan’s flood recovery but officials say little of the promised funds have been received so far.
Speaking on the sidelines of the World Leaders’ Climate Action Summit on Tuesday, Sharif said developing countries would need an estimated $6.8 trillion by 2030 to implement less than half of their current nationally determined contributions (NDCs), or national action plans for reducing emissions and adapting to climate impacts defined by the Paris Agreement.
Most of the world’s climate-friendly spending so far has been skewed toward major economies such as China and the United States. Africa’s 54 countries received just 2 percent of global renewable energy investments over the last two decades.
Pakistan unveils first National Climate Finance Strategy on COP29 sidelines
https://arab.news/8e2y4
Pakistan unveils first National Climate Finance Strategy on COP29 sidelines
- Strategy aimed at mobilizing financial resources and investments for climate mitigation and adaptation
- Pakistan is ranked 5th most vulnerable country to climate change, according to Global Climate Risk Index
Zimbabwe surprise as T20 World Cup Super Eights begin without Australia
- Pakistan and New Zealand will clash in Colombo on Saturday as the second “Super Eights” phase of the T20 World Cup kicks off
- India carry hopes of millions of cricket-obsessed fans of winning back-to-back T20 World Cups and lifting the trophy on home soil
Kolkata: Pakistan and New Zealand will clash in Colombo on Saturday as the second “Super Eights” phase of the T20 World Cup kicks off without former champions Australia, who shockingly failed to make it out of their group.
Instead, surprise packages Zimbabwe, who did not even qualify in 2024, topped Group B after a stunning unbeaten campaign where they not only beat Australia but also co-hosts Sri Lanka.
An injury-depleted Australia endured a chaotic campaign and failed to make the second phase of the T20 World Cup for the first time since 2009.
Australia’s acerbic media did not hold back in their criticism, citing selection “stuff-ups” and “shambolic” preparations, including a 3-0 pre-tournament series loss in Pakistan, for the embarrassment.
Australia coach Andrew McDonald admitted his players were “devastated” but any inquest into the failure would only begin “when we exit the shores here.”
India, the world number one-ranked T20 side, are hot favorites to retain their crown on home soil.
However, in the second round they face a tough rematch of the 2024 final against an in-form South Africa in Ahmedabad at a packed 130,000-capacity Narendra Modi stadium on Sunday.
Both teams came through the first round phase with four wins from four.
India are on a 12-match unbeaten run at the T20 World Cup, stretching back to their defeat in the semifinal against eventual winners England in 2022.
No team has won back-to-back T20 World Cups or lifted the trophy on home soil, and India have the hopes of hundreds of million of cricket-obsessed fans on their shoulders.
But India have not been consistent and have a problem at the top of the order with their number one-ranked batter Abhishek Sharma recording three consecutive ducks.
Their batting has looked shaky and India were 77-6 against the United States before coming through to win.
Also in Super Eights Group 1 are Zimbabwe and the West Indies, who meet in Mumbai on Monday, with all that group’s games being hosted in India.
ENGLAND YET TO FIRE
The West Indies toppled England convincingly in the group phase and the two-time champions have all-round strength in depth.
They won the T20 World Cup the last time it was hosted in India, in 2016, and have started in clinical fashion, winning all four group games.
They will be extremely wary of Zimbabwe, whose colorful band of traveling supporters have had plenty to cheer so far. Even a washout against Ireland could not dampen their spirits.
In Sri Lanka, Group 2 pits the co-hosts against England, Pakistan and New Zealand.
The top two from each group will advance to the semifinals.
Pakistan were the last team to secure their berth. They did so by beating Namibia by 102 runs, with captain Salman Agha calling it a “complete performance” as they bounced back from a group defeat to bitter rivals India.
Another pre-tournament fancy, England stumbled through their group matches in Mumbai and Kolkata, losing to the only Test-playing side they faced, the West Indies.
Harry Brook’s side were unconvincing in wins against minnows Nepal, Scotland and finally Italy, who were making their World Cup debut.
But they return to a happy hunting ground in Kandy to face Sri Lanka on Sunday at a venue where England swept a T20 series 3-0 this month, with Sam Curran taking a hat-trick along the way.
Their top order needs to find form, with explosive openers Jos Buttler and Phil Salt yet to make a telling score and Brook failing to fire.
Sri Lanka have also been hot and cold.
Pathum Nissanka scored a superb century on Monday to all but end Australia’s tournament.
But they lost to Zimbabwe in their final group game, although Nissanka was in the runs again with 62.
