In a report published by the Economist Intelligence Unit (EIU), Pakistan has been categorized as ‘highly’ susceptible to the impacts of climate change. Titled ‘The climate change crisis: Understanding the trends affecting an unpredictable future,’ it emphasizes that climate change will drive policy-making and societal shifts in the foreseeable future.
The EIU report argues that developed nations should provide greater aid to poorer countries that are more vulnerable to the destructive consequences of changing climate patterns worldwide. According to estimates from the United Nations (UN) Intergovernmental Panel on Climate Change, underdeveloped countries in Africa will face the most severe effects of irreversible climate change consequences.
The report further states that even if countries manage to meet the 2°C target for limiting global temperature rise, the impacts of extreme storms, droughts, heatwaves, and flooding will still be ‘unprecedented.’ Pakistan, having witnessed devastating floods in 2022, has taken notable steps to mitigate the physical impacts of climate change.
The report also highlights the ‘Recharge Pakistan,’ project which has been approved by the Green Climate Fund (GCF). Minister for Climate Change Sherry Rehman shared the news on her Twitter account, stating that the project has been approved for funding of $77.8 million, with GCF financing making up 84.8 percent of the total funds.
Recharge Pakistan aims to transform the country’s approach to flood and water resource management in the Indus Basin river system through ecosystems-based adaptation (EbA) and green infrastructure interventions. These activities will enhance long-term drought and flood resilience while establishing a paradigm shift for future EbA initiatives in Pakistan.
Despite such initiatives, the EIU report emphasizes the need for more financial resources to combat climate change. Lack of private investment is a significant barrier for countries in achieving their climate goals. Additionally, the recent Ukraine war has disrupted global supply chains and reversed progress on clean energy initiatives, leading to an increased reliance on fossil fuels.
The report predicts that investment in sustainable finance will decline in 2023 due to factors such as high inflation, rising interest rates, recession fears, and the energy crisis triggered by the Ukraine war. However, it anticipates that the appeal of sustainable finance will improve in 2024 as the global economy recovers.
The report warns that governments worldwide may face challenges as food prices are expected to rise, with the lack of rain in North Africa threatening harvests and low rainfall in Europe contributing to the increase in food prices. This may lead to public discontent and create additional hurdles for governments already grappling with the cost-of-living crisis.
Source: Pro Pakistani
