Pakistan Acknowledges Climate Change as Existential Threat, Launches Green Initiatives
Pakistan is actively addressing the challenges posed by climate change, despite facing financial and technical limitations. This commitment was emphasized by Finance Minister Muhammad Aurangzeb and Prime Minister Shehbaz Sharif during separate events on Friday.
Speaking at a ceremony to mark World Glacier Day at the National Disaster Management Authority (NDMA) headquarters, Finance Minister Aurangzeb highlighted the strong link between sustainable economic growth and environmental stability. He reiterated the government’s dedication to promoting environmentally conscious development.
Aurangzeb pointed out that Pakistan increasingly recognizes climate change as an existential threat, citing severe flooding and rising pollution levels in urban areas as pressing concerns. He referenced the devastating 2022 floods as a stark example of environmental imbalance, emphasizing the urgent need for action.
The finance minister stressed the importance of implementing short, medium, and long-term policies to achieve environmental sustainability, noting that relying solely on long-term strategies is no longer feasible. He also highlighted the critical role of glaciers in Pakistan’s northern regions, warning that 10,000 out of 13,000 glaciers are at risk. To address this, he called for a comprehensive monitoring system and a glacier protection strategy.
Aurangzeb mentioned the Country Partnership Framework (CPF) for Pakistan, a 10-year economic reform program supported by the World Bank, which prioritizes environmental challenges. While acknowledging the current financial gap in tackling climate change, he assured that the government would mobilize all available resources to address this critical issue.
Launch of Parwaaz Green Action Bond
In a significant move, Aurangzeb launched the Parwaaz Green Action Bond, aimed at securing sustainable financing for climate-related projects. This initiative builds on the success of the Wapda Green Bond, which was oversubscribed six times, reflecting strong investor interest. The new bond seeks to attract both local and international funding to support green initiatives.
During the launch ceremony, Aurangzeb emphasized the need to translate climate awareness into actionable solutions. He also referenced recent discussions with the International Monetary Fund (IMF) regarding the Climate Resiliency Fund, describing them as a positive step toward securing essential funding.
The finance minister underscored the importance of structural enablers, such as a well-defined bond yield curve, secondary market liquidity, and a robust green taxonomy framework. He praised the State Bank of Pakistan for developing a Green Taxonomy framework, which will standardize project assessments, monitoring, and reporting at an international level.
Prime Minister’s Earth Hour Message
In his message for Earth Hour, observed at 8:30 pm on Saturday, Prime Minister Shehbaz Sharif reiterated the government’s commitment to integrating climate action across all sectors. He highlighted initiatives like Recharge Pakistan, which focuses on ecosystem restoration, and policies such as the National Adaptation Plan (2023) and National Clean Air Policy (2023), which provide a strategic roadmap for a sustainable future.
Despite contributing less than 1% to global greenhouse gas emissions, Pakistan remains one of the most climate-vulnerable countries. The prime minister noted the devastating impacts of floods, heatwaves, and droughts, which threaten lives, food security, water resources, and urban infrastructure.
Shehbaz Sharif emphasized the government’s efforts to expand renewable energy, reduce plastic waste, and create green jobs, laying the foundation for long-term environmental stewardship. He also called for individual action, stating that every small effort contributes to the collective momentum toward sustainability.
Pakistan’s proactive approach to climate change reflects its recognition of the urgent need for action. Through innovative policies, financial instruments like the Parwaaz Green Action Bond, and community-driven initiatives, the country is striving to build resilience and secure a sustainable future for generations to come.
