Pakistan's $350 Billion Climate Challenge: A Critical Call for Action
The World Bank reports that Pakistan requires $350 billion between 2023 and 2030 to combat climate change, emphasizing the urgent need for a strategic funding plan. Pakistan ranks fifth in climate vulnerability, facing immense disaster risks. Notably, the 2022 floods alone caused $14.9 billion in damages.
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- Country:
- Pakistan
The World Bank has highlighted a critical need for Pakistan to mobilize $350 billion to effectively tackle climate change from 2023 to 2030. This call to action, reported on Friday, underscores the necessity of a comprehensive climate financing strategy.
Pakistan, identified as the fifth most climate-vulnerable country globally by the Global Climate Risk Index, simultaneously faces substantial disaster risks, ranking 23rd out of 194 nations according to the 2024 Inform Risk Index. In 2022, devastating floods affected 33 million people and displaced 8 million, causing damage worth $14.9 billion, which represented 4.8% of the GDP for that fiscal year.
A recent World Bank report projects a total investment need of around $348 billion to address Pakistan's climate and development challenges by 2030. This includes $152 billion for adaptation and resilience, alongside $196 billion for deep decarbonization efforts. However, the World Bank acknowledges this figure is likely underestimated due to gaps in data on vital investment areas.
(With inputs from agencies.)
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