BAKU: Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar has emphasized Pakistan’s dedication to climate action, showcasing the country’s commitment towards innovative climate finance solutions. During an event at the “Innovative Finance Facility for Climate in Asia and the Pacific,” held alongside COP29 in Baku, Dar lauded the IF-CAP’s initiative to generate accessible climate finance for developing nations.

According to Ministry of Information and Broadcasting, the Deputy Prime Minister highlighted the mobilization of 2.5 billion dollars in guarantees from IF-CAP partners, which is expected to unlock eleven billion dollars in climate finance. This funding will aid developing member countries in addressing their climate-related challenges. He further noted the importance of this initiative in promoting implementation support, especially as nations negotiate a new climate finance goal tailored to the needs of developing countries.

Dar also expressed Pakistan’s backing for the reform of Multilateral Development Banks (MDBs) and the International Monetary Fund (IMF) to tackle the challenges faced by developing nations. He emphasized the need for scaling up currency risk hedging for low- and middle-income countries, which could provide essential financial stability.

The Deputy Prime Minister pointed out that Pakistan remains one of the top ten countries adversely affected by climate change, citing the 2022 floods that reduced the country’s GDP by 4% and resulted in losses exceeding 30 billion dollars. He underscored the requirement of 348 billion dollars to achieve climate resilience by 2030, reaffirming Pakistan’s pledge to work collaboratively with the international community on climate action.