ISLAMABAD: Senator Sherry Rehman, Chairperson of the Senate Committee on Climate Change, and Finance Minister Muhammad Aurangzeb met on Thursday to discuss the urgent need for creative climate financing strategies to address Pakistan’s climate challenges. They emphasized the importance of effectively mobilizing resources and executing projects to ensure the nation’s climate resilience.

At the Senate Standing Committee on Climate Change meeting, Senator Rehman addressed key climate financing issues, environmental concerns, and Pakistan’s progress on its Electric Vehicle (EV) policy. She highlighted the significant $340 billion funding gap necessary for sustainability, stressing the need for structured financial solutions to close this gap.

Senator Rehman pointed out that Pakistan’s financial capacity is considerably lower than Bangladesh’s, underscoring the need for urgent intervention. “Climate finance is not just about pledges; it’s about ensuring timely access to funds and strengthening our institutional capacity to build climate resilience,” she stated.

She warned that Pakistan’s current financial mechanisms are insufficient and without substantial reforms, the country will continue to fall behind in climate adaptation and mitigation efforts.

Finance Minister Aurangzeb acknowledged the challenges faced in climate adaptation and financing, agreeing that a structured approach is required, which includes initiatives like the National Adaptation Plan and National Climate Finance Strategy. He emphasized the need to optimize resources and work closely with partners, such as UNDP, to advance climate resilience.

Both Senator Rehman and the finance minister agreed that climate financing should be creatively programmed to facilitate effective resource mobilization and project execution. In addition, Senator Rehman reiterated the importance of accelerating the adoption of Electric Vehicles to reduce carbon emissions and curb urban pollution. The finance minister supported this approach, stressing that aligning EV policies with broader economic objectives is vital for long-term sustainability.