Pakistan needs $348bn for climate and development challenges: WB

The World Bank has estimated that the total investment needs for a comprehensive response to Pakistan’s climate and development challenges between 2023 and 2030 amount to around $348 billion which is equal to 10.7 per cent of cumulative GDP for the same period. This consists of $152bn for adaptation and resilience and $196bn for deep de-carbonisation, reveals the Country Climate and Deve­lopment Report for Pakistan released by the World Bank at the COP27 in Sharm El-Sheikh on Wed­nesday. The report warned that the combined risks from the intensification of climate change and environmental degradation, unless addr­essed, will further aggravate Pakistan’s economic fragility, and could ultimately reduce annual GDP by 18 to 20 per cent per year by 2050. Between 6.5 and 9pc of GDP will likely be lost to climate change as increased floods and heatwaves reduce agriculture and livestock yields, destroy infrastructure, labour productivity, and undermine health. Additionally, water shortages in agriculture could reduce GDP by more than 4.6pc, and air pollution could impose a loss of 6.5pc of GDP per year, warns the report.