Sherry for bridging $340bn funding gap to sustain climate effort

ISLAMABAD: Senate Committee on Climate Change Chairperson Senator Sherry Rehman and Finance Minister Muhammad Aurangzeb Thursday agreed that climate financing must be creatively programmed to ensure effective resource mobilisation and project execution.

Senator Sherry Rehman, chairing a meeting of the Senate Standing Committee on Climate Change, addressed critical climate financing issues, environmental challenges and progress on Electric Vehicle (EV) policy in Pakistan.

During a comprehensive briefing, conducted in collaboration with the Ministry of Finance, Senator Sherry Rehman underscored the pressing need for structured financial solutions to bridge the estimated $340 billion funding gap necessary for sustainability.

She emphasized that Pakistan’s financial capacity remains significantly lower than that of Bangladesh, a critical disparity that requires immediate intervention. “Climate finance is not just about pledges; it’s about ensuring timely access to funds and building institutional capacity for climate resilience,” Senator Sherry Rehman stated.

She said, “Our existing financing structures are inadequate, and without robust financial solutions. Pakistan will continue to lag behind in climate adaptation and mitigation.”

The finance minister acknowledged the significant challenges in climate adaptation and financing, emphasising the need for a structured approach that incorporates key enablers such as the National Adaptation Plan and National Climate Finance strategy.

To advance climate resilience, he said, “We must optimise existing resources and collaborate closely with partners like UNDP.” It was mutually agreed by Senator Sherry Rehman and the finance minister that climate financing must be creatively programmed to ensure effective resource mobilisation and project execution. Addressing the EV policy, Senator Sherry Rehman emphasised the importance of launching and incentivising EV adoption to reduce carbon emissions and combat urban pollution. The finance minister supported this stance, reiterating that policy mapping in the budgeting process is essential to align EV initiatives with broader economic objectives.