Federal Minister for Climate Change & Environmental Coordination, Senator Sherry Rehman on Friday said Climate Finance was uncharted territory for many developing countries due to a significant knowledge and capacity gap on this critical issue.<\/p>\n
Pakistan faces dual challenges of limited accessibility to climate finance and a lack of technical capacity, impeding its progress in achieving crucial climate adaptation and mitigation goals.<\/p>\n
The minister was delivering her key note address at the launch event of the Climate Finance Accelerator (CFA) organized by the UK Government, where she emphasized the significant role that programs like CFA could play in knowledge-creating, building capacity and new pathways within both the public and private sectors, a news release said.<\/p>\n
She underlined the challenge of prioritizing climate change in both sectors and highlighted the potential of such initiatives to elevate the government\u2019s narrative on climate finance.<\/p>\n
By creating awareness and aligning public interests with government objectives, these programs can effectively enhance the discourse on climate finance.<\/p>\n
The minister highlighted Pakistan\u2019s commitment to exploring Carbon Markets as part of its efforts under the Paris Agreement.<\/p>\n
She mentioned that the country was in the process of developing an interim framework for a voluntary carbon market and we had officially signed on a collaboration with Verra, a global standard-setting body, to share knowledge and educate stakeholders on carbon markets and the certification process for generating carbon credits.<\/p>\n
She spoke about the Delta Blue Carbon Project by the Sindh Government as a flagship in voluntary carbon markets, which was the world\u2019s largest blue carbon project, with a 60-year lifespan and aim of restoring 350,000 hectares of land in the Districts of Thatta and Sujawal in Sindh.<\/p>\n
She said that the restoration of the mangrove forests has the potential to increase Pakistan\u2019s mitigation capacity by reduction in emissions worth 27 million tons of CO2e over the life cycle of the project.<\/p>\n
Most of the resources from that carbon trade will go into regenerating mangroves, and enhancing water conservation projects, as well as for building climate-smart agriculture opportunities for small farmers.<\/p>\n
The minister highlighted that Pakistan was an extremely climate-stressed country and drew attention to the increasing frequency of extreme weather events in the country and stressed that these events were no longer isolated or random occurrences but were a direct result of climate change.<\/p>\n
She emphasized that climate inaction had disrupted nature\u2019s ability to maintain its natural weather patterns, and it was crucial for society to take responsibility for creating an environment where nature could thrive and preserve its existing balance.<\/p>\n
She continued, \u201cWe need promises made at COP27 to materialize, but clearly the financial challenges faced by the international public sector in meeting the massive funding requirements of the developing world, which have gone to trillions from billions, fall far short of the quantum of funding now needed. The world is not only missing its emissions reduction targets but is also failing to fulfill the promised funding pledges made by the global community.<\/p>\n
The Paris goal of limiting global warming to 1.5\u00baC is no longer alive and we are hurtling towards a 2.8\u00baC where countries like Pakistan will feel the burn first.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Federal Minister for Climate Change & Environmental Coordination, Senator Sherry Rehman on Friday said Climate Finance was uncharted territory for many developing countries due to a significant knowledge and capacity gap on this critical issue. Pakistan faces dual challenges of limited accessibility to climate finance and a lack of technical capacity, impeding its progress in […]<\/p>\n","protected":false},"author":2,"featured_media":341956,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-341942","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news"},"yoast_head":"\n