Islamabad:
The Permanent Committee of Climate Change of the Senate emphasized the urgent need for innovative climate financing solutions to address Pakistan’s growing environmental challenges.
The meeting, which met with Senator Sherry Rehman, focused on joining the amazing financing gap of $ 340 billion required for climate resistance, advancing in the policy of electric vehicles (EV) and addressing bureaucratic obstacles to access climatic funds.
The Minister of Finance, Muhammad Aurengzeb, emphasized the need for a structured approach, incorporating key enablers such as the National Adaptation Plan and the National Climate Finance Strategy.
“Green technology is essential for sustainability, but clear definitions and parameters are essential for effective monitoring and reports,” he said.
He also pointed out ongoing discussions with the IMF under the installation of extended funds, with around $ 1 billion expected.
However, bureaucratic inefficiencies continue to hinder access to climatic funds, which underlines the need for simplified processes.
