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LAHORE, Dec 06 (APP):Federal Minister for Planning and Development Professor Ahsan Iqbal has said that climate change has emerged as the greatest global challenge of the present era, and overcoming it requires shared international responsibility and stronger global partnerships.
He said Pakistan has urged developed countries and international financial institutions to expand their role in climate financing to enable developing nations to adopt green technologies at lower costs.
Speaking at the Second Asia Energy Transition Summit held at LUMS on Saturday, the minister warned that climate change is intensifying emergencies and increasing economic burdens on vulnerable countries. He stressed that financial incentives and concessional financing have become indispensable for sustainable climate action. He further emphasized the need to redesign the global financial system based on the principles of collective responsibility and equity.
Ahsan Iqbal highlighted that the world is rapidly shifting towards green architecture and environmentally friendly technologies. He said Pakistan is also introducing comprehensive reforms in its development agenda to promote renewable energy, solar power, and green technological solutions. The country, he noted, possesses strong solar potential, a robust renewable energy market, a wide talent pool in engineering and science, and an enabling environment for green innovation.
He added that Pakistan is working closely with international organizations, multilateral partners, and private investors to develop new models for climate financing and green economic growth. These efforts, he said, include the introduction of modern financial instruments such as green bonds and blue finance, which will help mobilize resources for sustainable development.