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ISLAMABAD, Jun 10 (APP): Federal Finance Minister Muhammad Aurangzeb warned on Tuesday that climate change poses an “existential threat” to Pakistan, calling it a survival issue for one of the world’s most climate-vulnerable countries.
During budget speech, Aurangzeb emphasized that tackling climate change is a top government priority but requires massive resources.
Over the past 16 months, Pakistan has prioritized climate finance, securing major commitments, including a $40 billion partnership with the World Bank and International Finance Corporation (IFC) over the next decade.
Additionally, after a year of negotiations, the IMF approved a $1.4 billion Resilience and Sustainability Facility to bolster Pakistan’s climate resilience. The government has also launched green bonds (sukuk) to fund eco-friendly projects through local markets.
“These resources will help shield Pakistan from climate disasters,” Aurangzeb said, highlighting rising threats like floods, droughts, and extreme heat.
Pakistan ranks among the top countries impacted by climate change despite contributing minimally to global emissions.