Islamabad: Pakistan has unveiled its first National Climate Finance Strategy (NCFS) to tackle the growing challenges of global heating by mobilizing financial resources for climate mitigation and adaptation. The strategy was presented at the Pakistan Pavilion on the sidelines of the UN-led global climate conference, COP29, in Baku.

According to Press Information Department, Pakistan’s Federal Finance Minister Muhammad Aurangzeb and Prime Minister’s Coordinator on Climate Change Romina Khurshid Alam jointly launched the NCFS. This strategy aims to systematically access and secure climate finance from various funding channels. It is built on principles of transparency, accountability, and inclusivity, and outlines ways to leverage international, domestic, and private finance. Aurangzeb emphasized that this strategy is a cornerstone of Pakistan’s commitment to the Paris Agreement.

Romina Khurshid Alam highlighted the significant climate finance gap facing Pakistan, estimated at $348 billion by 2030 for achieving climate-resilient and low-carbon development goals. She noted that the NCFS would be accompanied by a national climate finance portal to ensure transparency and accountability in climate finance inflows and outflows.

The NCFS is a comprehensive roadmap focusing on climate-proofing policies, clarifying institutional roles, and enhancing climate finance systems. Alam underscored the strategy’s three-pronged approach: whole-of-government alignment, diversified domestic resources, and innovative funding mechanisms. She also emphasized the importance of inclusive policies that empower marginalized groups, particularly women.

Secretary Ministry of Climate Change and Environmental Coordination, Aisha Humera Moriani, expressed pride in hosting the event and reiterated Pakistan’s commitment to multilateral climate action. She explained the NCFS’s three key objectives: enhancing sectoral resilience, clarifying institutional roles, and bolstering access to finance from diverse sources.

WWF President Adil Najam urged developed countries to fulfill their commitments to providing significant climate finance to vulnerable developing countries. Mohamed Nasheed, Secretary General of CVF-V20, called for joint efforts from developing countries to address the risks posed by climate change. Tom Kerr, Lead Climate Specialist for South Asia at the World Bank, highlighted the region’s vulnerability to climate change and commended Pakistan for its landmark achievement in unveiling the NCFS.