Islamabad, Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb emphasized Pakistan’s commitment to sustainable development and addressing climate change challenges during his keynote speech at the UK-Pakistan Green Investment Forum. The event was hosted online and organized by the British High Commission in Pakistan.

According to Ministry of Finance, Aurangzeb highlighted Pakistan’s vulnerability to climate change impacts and its relatively low contribution to global emissions. He stressed the need for significant financial resources to fund adaptation, resilience, and mitigation projects, noting the country’s potential GDP losses due to climate risks as per a recent World Bank study. The Minister underscored the importance of the private sector’s role in closing the funding gap and discussed the government’s strategies to boost investor confidence in green projects, including the issuance of domestic green sukuk bonds by December 2024.

The Minister also pointed out the positive trends in Pakistan’s economy, citing improved macroeconomic indicators over the past 10 months, such as inflation rates, GDP growth, and foreign exchange reserves. He noted the completion of the IMF’s Standby Arrangement and Pakistan’s plans for a future medium-term funding program with the IMF to ensure continued economic stability and growth.

In his conclusion, Aurangzeb invited investors to share their experiences and challenges in the Pakistani market, reinforcing the government’s commitment to enhancing the investment climate for green initiatives.