Pakistan to receive $77m for flood resilience

KARACHI: Coca Cola Pakistan, World Wildlife Fund (WWF) and Global Climate Fund announced on Thursday that they will provide $77 million in grants for a seven-year project to mitigate the impact of floods in the Indus basin.

The project, called ‘Recharging Pakistan Initiative’, aims to improve water security, enhance ecosystem services and create livelihood opportunities for communities living in the Indus basin, which is vulnerable to climate change and extreme weather events.

The announcement was made by Aisha Sarwari, Head of Public Affairs at Coca Cola Pakistan, Fahad Ashraf, CEO of Coca Cola Pakistan and Jamshad Safdar, President of American Business Council (ABC) at a media briefing before the ABC’s 1st Annual Environmental, Social, and Governance (ESG) Awards ceremony.

The awards ceremony recognised the efforts of US-backed companies in Pakistan that have made strides in sustainability and social impact. The winners included Coca Cola Pakistan (Environment - Nature Saviour), Pepsico (Environment - Response to Climate Change), PMI (Social), KFC (Social) and McDonald’s (Environment).

ABC is a network of more than 60 member companies that contribute about $1 billion in taxes annually and employ over 1 million Pakistanis.

The event was attended by more than 100 leading multinational CEOs, business leaders, government officers and climate change experts.

Senator Fawzia Arshad, speaking at the occasion, said that the alarming rise of climate disasters in Pakistan can only be mitigated if the private sector and the public sector work together. “This is not a one institution job,” she said.

A panel discussion on ESG challenges was also part of the session, where experts from respective fields shared their insights on the significance of ESG in today’s corporate world.

Fahad Ashraf, Senior Vice President of ABC and head of its ESG Subcommittee, said businesses have been committed to collectively accelerating Pakistan’s climate change vision.