Islamabad [Pakistan], July 13 : According to a report published by Economist Intelligence Unit on Friday, Pakistan has been identified as "highly" susceptible to climate change impacts, reported Geo TV.
The report, 'The climate change crisis: Understanding the trends affecting an unpredictable future', mentioned that the changes in climate would remain the primary force influencing policy-making and societal shifts in the foreseeable future.
It also emphasized the need for developed nations to provide greater aid to poorer ones that face heightened vulnerability to the destructive consequences of changing climate patterns around the world, reported Geo TV.
The report further highlights the estimates by United Nations (UN) Intergovernmental Panel on Climate Change which shows how Africa's underdeveloped countries will endure the most severe affects of irreversible climate change consequences.
Even if countries are able to meet the 2°C target regarding global temperatures, the impacts of events like extreme storms, droughts, heatwaves, and flooding will still be “unprecedented”, according to the EIU report.
Pakistan witnessed apocalyptic floods in 2022 which has taken some important steps to reduce the physical impacts of climate change. Green Climate Fund (GCF) approved its project ‘Recharge Pakistan’, Minister for Climate Change Sherry Rehman shared on on her Twitter account July 11.
According to her tweet, “[the] Recharge Pakistan project, which will be implemented over the next 7 years, has been approved today for funding of USD 77.8 million.” GCF financing of USD 66 million makes up 84.8 percent of the total funds required for the project. The remaining 15.2 percent of the funds will be covered by other co-financiers.
The financing, which was originally in the form of loans, will now come as grants, reported Geo TV.
A separate tweet by Rehman stated, “After the 2022 megaflood (sic) our view was that Pakistan needs grant-based climate financing, and [we are] grateful to the GCF for accepting our advice.”
The information available on the Green Climate Fund’s website says “the primary objective of the Recharge Pakistan initiative is to transform the country’s approach to flood and water resource management in local watershed sites in the Indus Basin river system," reported Geo TV.
"This will be accomplished by implementing ecosystems-based adaptation (EbA) and green infrastructure interventions, as well as enhancing community-based natural resource management. These activities will address long-term drought and flood resilience, while establishing a paradigm shift for future EbA initiatives in Pakistan.”
While such initiatives will help vulnerable countries mitigate the risks and impacts of climate change, “there is still a need for more money to fight climate change”, as per the EIU report.
A reason for countries’ inability to meet their climate goals is the lack of private investment. In the South Asian region, close to 70 per cent of the total climate financing (2019-2020 average) came from the public sector.
The 2022 Ukraine war has become the biggest disruptor in recent days. Besides having a negative impact on global supply chains, it has also reversed the progress made on clean energy initiatives. As countries tackle the energy crisis, they turn to fossil fuels, according to Geo TV.
Moreover, the report predicts that investment into sustainable finance will further dip in 2023. “Ultra-low interest rates amid the pandemic triggered a surge in sustainable financing...with record high inflows of funds-based on environmental, social and governmental (ESG) standards in 2021.”
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