Karachi: Minister for Climate Change and Environmental Coordination Senator Sherry Rehman said Climate Finance was uncharted territory for many developing countries due to significant knowledge and capacity gap on this critical issue.

Pakistan faces dual challenges of limited accessibility to climate finance and lack of technical capacity, impeding its progress in achieving crucial climate adaptation and mitigation goals.

Minister was delivering her key note address at launch event of Climate Finance Accelerator (CFA) organised by UK government, where she emphasised significant role that programs like CFA could play in knowledge-creating, building capacity and new pathways within both public and private sectors, a news release reached here said.

She underlined challenge of prioritising climate change in both sectors and highlighted potential of such initiatives to elevate government’s narrative on climate finance.

By creating awareness and aligning public interests with government objectives, these programmes can effectively enhance discourse on climate finance. Minister highlighted Pakistan’s commitment to exploring Carbon Markets as part of its efforts under Paris Agreement.

She mentioned that country was in process of developing an interim framework for voluntary carbon market and we had officially signed on collaboration with Verra, global standard-setting body, to share knowledge and educate stakeholders on carbon markets and certification process for generating carbon credits.

She continued, “We need promises made at COP27 to materialize, but clearly financial challenges faced by international public sector in meeting massive funding requirements of developing world, which have gone to trillions from billions, fall far short of quantum of funding now needed. World is not only missing its emissions reduction targets but is also failing to fulfill the promised funding pledges made by global community.

Paris goal of limiting global warming to 1.5ºC is no longer alive and we are hurtling towards 2.8ºC where countries like Pakistan will feel burn first.”

Published in The Daily National Courier, July, 08 2023

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