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Monday May 27, 2024

USAID launches $10m climate financing initiative

By Jamila Achakzai
April 18, 2024
Participants speak during a launching ceremony of the Pakistan Climate Financing Activity organized by the United States Agency for International Development (USAID) Pakistan on April 17, 2024. — Facebook/USAID Pakistan
Participants speak during a launching ceremony of the Pakistan Climate Financing Activity organized by the United States Agency for International Development (USAID) Pakistan on April 17, 2024. — Facebook/USAID Pakistan

Islamabad: The United States Agency for International Development (USAID) Pakistan launched the Pakistan Climate Financing Activity, an up to $10 million, four-year endeavor aimed at bolstering sustainability and climate resilience in Pakistan. Funded through USAID, this initiative underscores the steadfast commitment of the U.S. government to foster responsible stewardship of natural resources and combat the climate crisis. It represents a significant stride towards fulfilling the objectives outlined in the U.S.-Pakistan "Green Alliance" framework.

The USAID Pakistan Climate Financing Activity will help facilitate Pakistan's transition to a low-carbon, climate-resilient economy. Through targeted technical assistance, the initiative aims to mobilize both public and private, domestic and international finance for climate mitigation, resilience, and adaptation efforts. At the launch event held in Islamabad, notable attendees included representatives from the Ministry of Climate Change and Environmental Coordination, representatives from the provincial departments of the Government of Pakistan, as well as representatives from the private sectors, development partners, decision-makers from Pakistan’s financial sector, and academia.

Addressing the audience, USAID Deputy Mission Director Maura O’Brien emphasized, “The USAID Pakistan Climate Financing Activity will support innovative projects tailored to Pakistan’s context, scaling up efforts to build climate resilience. Through evidence-based solutions, this activity aims to advance Pakistan's capacity to respond to climate change effectively. I am confident that the Pakistan Climate Financing Activity will bridge gaps and fulfill existing needs – and ultimately advance Pakistan's capacity to respond to climate change effectively.”

Echoing USAID’s sentiments, coordinator to Prime Minister on Climate Change Rumeena Khurshid stated, “The Government of Pakistan warmly welcomes this initiative from the United States, aimed at bolstering our nation’s climate resilience, mitigation, and adaptation efforts. While Pakistan has made strides in fostering an innovative climate landscape, financial constraints remain a significant impediment. This activity will serve as a catalyst for concerted action, bringing together government, private sector, environmental experts, and development partners to tackle the challenges posed by climate change.”

The USAID Pakistan Climate Financing Activity aligns with USAID’s global flagship initiative to enhance climate investment in vulnerable and emerging markets. By de-risking and catalyzing climate finance equitably, this initiative aims to leverage both public and private sector investments to fortify Pakistan’s capacity for climate resilience and adaptation.