Islamabad, The British High Commissioner, Jane Marriott CMG OBE, has inaugurated a crucial study aimed at mobilizing private sector climate financing in Pakistan. This initiative is set to play a pivotal role in supporting the Government of Pakistan’s goals for climate change mitigation, adaptation, and resilience. The study, which includes various action roadmaps, is a part of the UK Government’s ‘Centres of Expertise’ under the Growth Gateway Programme. It aims to inform and shape the next wave of UK support to fulfill Pakistan’s climate investment ambitions.
According to Press Information Department, the study was unveiled at an event titled ‘Accelerating Green and Climate Resilient Financing in Pakistan,’ co-chaired by the Minister of Climate Change, Mr. Ahmed Irfan Aslam. The British High Commissioner announced three new initiatives supported by the UK, a partnership to assess the cost of climate inaction, support from the FCDO’s REMIT programme for streamlining Pakistan’s climate finance governance, and the development of a national green taxonomy in collaboration with the World Bank Group and the State Bank of Pakistan.
High Commissioner Marriott highlighted the global urgency of tackling climate change and the particular challenges faced by Pakistan. She emphasized the study’s role in identifying crucial climate finance initiatives and fostering large-scale finance mobilization for key low-carbon and adaptation projects in Pakistan. Minister Aslam acknowledged the study’s importance in identifying vital initiatives for better climate finance mobilization, particularly by the private sector, and expressed eagerness to collaborate on the UK’s newly announced support areas.
The event, attended by Pakistan’s Finance Minister, Dr. Shamshad Akhtar, Senator Sherry Rehman, and other climate finance experts, underscored the importance of climate finance and green investments for Pakistan’s future. The study is expected to play a critical role in addressing Pakistan’s vulnerability to climate shocks and unlocking opportunities for adaptation and resilience projects.