Federal Finance Minister Muhammad Aurangzeb has warned that Pakistan’s economy will suffer if urgent measures are not taken to tackle climate change, emphasizing that the country is running out of time to address the crisis.
Speaking at a ceremony on World Galcier Day in Lahore on Friday, the finance minister highlighted the severe impact of climate change on Pakistan, pointing to rapidly melting glaciers and worsening air pollution in major cities.
“The smog in Lahore is already disrupting economic activities, and low winter rainfall signals a looming environmental threat,” he said.
Aurangzeb stressed that climate change and population growth pose significant risks to Pakistan’s future. To mitigate the effects, he announced plans to introduce a fund system dedicated to climate resilience.
Discussing climate financing, he noted that Pakistan recently held positive discussions with the International Monetary Fund (IMF) regarding financial support for climate initiatives.
He revealed that while the country was promised $10 billion in aid for flood rehabilitation projects, the inability to develop viable projects had prevented the funds from being utilized.
“We need to come up with well-structured projects to access climate financing,” he remarked, assuring that the Ministry of Finance would extend full support in tackling the crisis.
The finance minister also acknowledged the increasing pollution levels, stating that Pakistan’s water cycle has been disrupted, making climate action an urgent priority. “We do not have the luxury of time. If we fail to address climate change, the economy will bear the consequences,” he cautioned.
Aurangzeb further stated that progress has been made on Pakistan’s country partnership framework with the World Bank, emphasizing the need to enhance institutional capacity and bring forth meaningful climate-related projects.
