‘Budget policy covers climate change financing’

ISLAMABAD: Government has made budgeting of climate change an integral part of budget policy to meet financing requirements for the measures needed to mitigate risks, a minister said on Monday. 

“The budgeting of climate change is formally now part of budget call circular and budget policy,” Mushaidullah Khan, minister for climate change said, addressing a launch ceremony of ‘Pakistan Climate Change Financing Framework’ report. 

“The government of Pakistan has taken various solid initiatives for planning and budgeting of climate change. The public financial managing system has been reformed at central level.”  The report presents a roadmap of a wide range of reforms that will require sustained efforts and commitments for implementations alongside a short to medium term plan of action.

Khan said ministry of climate change, in collaboration with finance and planning ministries, formulated comprehensive climate change financing framework. “This climate change financing framework will be milestone in bringing climate change in mainstream of planning and finance system.” Asian Development Bank, in a report, said Pakistan will need approximately $40 billion in funds to reduce up to 20 percent of its 2030 projected greenhouse gas emissions.

Climate change minister said there is more need to create awareness on climate change issue.  “We are living under glaciers and having serious threats. The desertification is increasing in Pakistan, whereas our contribution in carbon emission is only 0.08 percent and among top 10 countries most affected by the climate change,” he added.

Neil Buhne, country coordinator of the United Nations Development Program, emphasised the importance of calculating climate change finance.

Pakistan is fourth country after Indonesia, Vietnam, and Bangladesh that has developed comprehensive approach towards climate change financing. The country unveiled its first climate change public institutional review in 2015, examining Khyber Pukhtunkhwa, federally-administered tribal areas and Azad Jammu and Kashmir. 

The climate change financing framework is a major output of the government’s efforts, supported by the United Nations Development Program.