Climate Disasters Cause $30 Billion Economic Damage to Pakistan; Ahsan Iqbal

Federal Minister for Planning, Development and Special Initiatives, Ahsan Iqbal highlighted the devastating impact of recent climate disasters on Pakistan’s economy, resulting in losses amounting to $30 billion.

The minister emphasized the ongoing struggle to recover and rebuild the economy, particularly in the severely affected provinces of Balochistan and Khyber Pakhtunkhwa, said a press release issued here.

The minister was chairing a meeting with a delegation from the United Nations Environment Program (UNEP) here Thursday to focus on the Carbon Market. The meeting was attended by the Member Climate Change Ministry of Planning and senior officials.

“Pakistan requires substantial investment to enhance its climate resilience and mitigate future climate challenges,” the minister asserted.

“Our domestic resources are insufficient to make these necessary investments. Therefore, we are actively seeking opportunities to leverage economic growth and attract investments. It is imperative to finalize our Carbon Policies responsibly so that we can collaborate effectively with our development partners and channelize investment into Pakistan.”

The minister stressed that despite Pakistan’s minimal contribution to global carbon emissions, the country faced severe repercussions in the form of floods, erratic rainfall, and extreme temperatures.

He emphasized the international community’s responsibility to assist nations like Pakistan, which bear the brunt of climate-induced disasters despite contributing negligibly to the problem.

“At the Geneva conference in 2022, over 95 percent of commitments were in the form of loans, placing a heavy burden on us despite our negligible role in causing these issues,” he added.

Ahsan Iqbal reiterated Pakistan’s commitment to transitioning from high-carbon to low-carbon solutions. He also mentioned the ambitious renewable energy plan initiated by Prime Minister Mian Shehbaz Sharif, aimed at enhancing sustainable energy projects.

“We welcome your support to work together for environmental betterment and to minimize future disasters,” the minister concluded.

This meeting underscored Pakistan’s proactive stance in addressing climate change and its earnest efforts to seek international collaboration for sustainable development and disaster resilience.