Pakistan’s delegation to the COP29 global climate change conference in Azerbaijan’s capital Baku unveiled the National Climate Finance Strategy (NCFS) on the sidelines of the summit, outlining Pakistan’s roadmap to access both international and domestic finance to address climate-related issues.

Pakistan ranks among the top 10 most climate-vulnerable countries, having experienced a $30 billion loss in the 2022 floods, which directly affected 33 million people and claimed 1,700 lives.

Finance Minister Muhammad Aurangzeb and the Prime Minister’s Coordinator on Climate Change Romina Khurshid Alam jointly unveiled NCFS at the Pakistan Pavilion in Baku, according to a press release issued by the Ministry of Climate Change and Environmental Coordination on Thursday.

Aisha Humera Moriani, the Secretary for the Ministry of Climate Change and Environmental Coordination, said in her welcoming remarks, “Today, as we join COP29, we reaffirm our shared commitment to multilateral climate action, with a particular focus on the essential role of climate finance.”

Explaining the framework, she told attendees of the event the strategy is rooted in three key objectives: “enhancing sectoral resilience, clarifying institutional roles and bolstering access to finance from diverse sources”, according to the press release.

Aurangzeb said unveiling the NCFS is “a matter of great pride”, as it provides a roadmap to systematically access and secure climate finance from available funding channels.

“NCFS is based on principles of transparency, accountability and inclusivity. It outlines the multiple avenues to leverage international, domestic and private finance,” he added.

According to the press release, the finance minister also said that the strategy identifies sectoral priorities and outlines measures to leverage funding to support climate resilience initiatives, painting a clear framework for climate finance.

“Above all, the launching of NCFS actually reflects Pakistan’s proactive approach to mobilising climate finance and building resilience against climate-induced challenges,” Aurangzeb told participants at the event.

“It is really a historic moment for Pakistan to be able to unveil its first-ever climate finance strategy, a major step in our commitment to a sustainable and climate-resilient future,” the PM’s climate aide Romina Khurshid Alam said in her keynote remarks at the launching event.

Explaining the strategy, Alam said that it “outlines a path to bridge the significant climate finance gap facing Pakistan” — a gap she estimated at $348 billion by 2030 for the government’s climate-resilient and low-carbon development goals, according to the press release.

“Our NCFS primarily seeks to plug this gap by establishing a climate finance framework aligned with a whole-of-economy approach, aiming to climate-proof investments and allocate resources to our most vulnerable sectors and communities,” Alam remarked.

She mentioned that the NCFS will accompany the national climate finance portal, which will share all climate finance inflows and outflows to ensure transparency and accountability.

Alam also highlighted that Pakistan’s climate resilience vision for 2050 encompasses resilient infrastructure and agriculture, climate-smart cities and ecosystems that provide diversified livelihoods.

The PM’s aide called the NCFS a “well-thought-out roadmap that focuses on climate-proofing policies, clarifying institutional roles, and enhancing our climate finance systems”

Moreover, Alam highlighted, “We also prioritize inclusive policies that empower marginalized groups, particularly women, integrating circular economy principles to drive resource efficiency and sustainable development.”

Moriani said that the NCFS builds on Pakistan’s existing National Climate Change Policy, emphasising emissions reduction targets of 50 per cent by 2030, with a 15pc reduction through domestic efforts and an additional 35pc conditional on international support, the release added.

“Our ongoing projects, from mangrove restoration to renewable energy development, reflect this commitment,” the climate change and environmental secretary said.

Emphasising the importance of leveraging climate finance, World Wildlife Fund- Pakistan (WWF) President Adil Najam urged developed countries to fulfil their commitments to providing significant climate finance to developing vulnerable countries.

He also expressed concern about the slow pace with which developed countries were disbursing funds.

The press release added that Secretary General of the Climate Vulnerable Forum (CVF-V20) Mohamed Nasheed emphasised that vulnerable countries must raise their voice for joint efforts to counter the challenges posed by the rapidly deteriorating environment.

The World Bank’s Lead Climate Specialist for South Asia, Tom Kerr, said that South Asia is particularly vulnerable to climate change impacts and joint efforts by the regional countries are essential to achieve regional climate resilience.

He appreciated the Pakistani government for coming up with NCFS, calling it a landmark achievement to explore and access the available climate finance funding channels to meet its needs, the press release said.