Finance Minister cautions against complacency on climate financing

Pakistan remains highly exposed to climate shocks, especially floods that damage infrastructure and communities, Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb said at the World Economic Forum meeting on Financing Planet and Prosperity. Mettis Global reported that the remarks were set out in a press release.

Aurangzeb outlined government measures to improve disaster response systems, early warning mechanisms and costed climate investment plans. He stressed that foreign assistance has to be backed by domestic resources and fiscal reserves. He also pointed to financing being raised through the World Bank, the Asian Development Bank and global capital markets for emergency aid, climate adjustment and rebuilding.

Aurangzeb cautioned against complacency and asked international climate funds to make their procedures simpler and speed up access to money. The Green Climate Fund and the Loss and Damage Fund were among the bodies he named in that appeal.