Pakistan needs $340bn to meet climate challenges, says FM Akhtar

Caretaker Finance Minister Dr Shamshad Akhtar said on Wednesday Pakistan is facing a trade-off between raising climate finance and development finance. “I think we need to be conscious that getting money is a big issue that we face in addressing the climate agenda,” she said, noting that seeking money for climate finance undercuts other development finance requirements. Speaking at the second Pakistan Climate Conference organised by the Overseas Investors Chamber of Commerce and Industry (OICCI), Dr Akhtar said the best recourse for Pakistan will be to use its “best of the best firms” to attract institutional investors’ financing for bridging a “substantial” gap. The country needs an estimated investment of $340 billion to address climate and development challenges between 2023 and 2030. The amount is equivalent to 10 per cent of the cumulative GDP during the same period, even though the country is responsible for less than 1pc of the world’s planet-warming gases.