Thursday April 18, 2024

Climate finance needed to intensify efforts under INDCs

By Our Correspondent
September 30, 2021

Islamabad : Pakistan needs international climate finance to further intensify the measures and actions being taken under revised Intended Nationally Determined Contributions (INDCs).

The data provided by the climate change ministry showed that being one of the most vulnerable countries, Pakistan has the least climate finance provision to control or manage the outcomes of climate change. INDC submitted to the 2015 Paris Agreement, aimed to reduce up to 20 percent of its 2030 projected Green House Gases (GHGs) emissions.

The official data showed that Pakistan has received a grant of 3.8 million dollar since 2015 for reduced emission from deforestation and Forest Degradation (REDD+) through a competitive process by Forest Carbon Partnership Facility (FCPF) of the World Bank.

The experts have already maintained that the public sector never have the capacity to finance climate action while the private sector is unable to contribute much on account of poor incentives and lack of trust. Another reason is that the capital market of Pakistan has average efficiency to attract foreign and local capital finance from the private sector.

Despite facing these kinds of conditions Pakistan is on the right way to achieve stabilization of GHGs in the atmosphere, with a timeframe that adequately allows for adaptation to the climate change.

The INDC is rooted in the country’s strategic plan ‘Vision 2025’ and aligned with the respective policies, plans and sectoral growth targets set by various ministries and other government entities.

An official said INDC presents the overall GHG emissions profile and future emission projections, by considering both the present and future socio-economic parameters, changes in the demographic dynamics and emerging energy needs.

“It also describes mitigation and adaptation measures already being implemented in Pakistan and discusses the challenges and difficulties being faced and those likely to be confronted in coming years,” he said.

Special Assistant to the Prime Minister on Climate Change Malik Amin Aslam has said the world needs to match its words with actions and actually do more on climate action and climate finance.

He said the countries have to translate their loud pledges into formal NDCs and, in turn, into measurable climate action on the ground.