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ISLAMABAD, Jul 03 (APP):Federal Minister for Climate Change and Environmental Coordination, Dr Musadik Malik, has called for a transformative approach to development finance that prioritizes climate resilience, urging global stakeholders to invest in renewable energy and tap into the untapped potential of oceans and rivers.
Speaking at the FfD4 side event in Seville, Spain, he emphasized that sustainable development must go hand in hand with debt relief and green innovation.
Dr Malik was addressing a panel titled “Swapping out Debt for Development: The DSC Financing Approach” on the sidelines of the Fourth International Conference on Financing for Development (FfD4).
He was joined by Pakistan’s Federal Finance Minister Muhammad Aurangzeb and Minister of State for Climate Change and Environmental Coordination Shezra Mansab Ali Khan.
The discussion centered on how developing countries can restructure their external debt obligations in exchange for investments in climate adaptation and resilience.
The “Debt-for-Climate Swap” (DCS) model, which the event highlighted, is gaining traction globally as a means to ease fiscal pressures while accelerating the shift toward green infrastructure.
“Our focus should be on long-term climate resilience rather than short-term relief,” Dr Malik said during the session. “Pakistan is exploring solutions that support solar energy generation and innovative uses of natural resources like rivers and oceans. These are not just environmental assets, but future engines of sustainable economic growth.”
Finance Minister Muhammad Aurangzeb reinforced the call for global financial reform, noting that countries like Pakistan need access to concessional financing and innovative instruments to meet their development goals without compromising on climate commitments.
Minister of State Shezra Mansab Ali Khan also highlighted the need for multilateral cooperation, stressing that “climate finance must be accessible, predictable, and aligned with national development priorities.”
The FfD4 conference, held in Seville, gathers global leaders, policymakers, economists, and climate experts to rethink financing models that can support the Sustainable Development Goals (SDGs) in an era of escalating climate risks and economic inequality.
With Pakistan consistently ranked among the top climate-vulnerable countries, the government continues to advocate for stronger international support to finance its transition toward a low-carbon, climate-resilient future.