Pakistan Can Adopt Mission Green To Force Countries Into Climate Financing
financial aid from the wealthy. Countries or regions that are poorer but are greatly affected by climate change will be given financial aid to address their problems. It is expected that developed countries will lead the mobilization of climate finance.
Pakistan has been unable to access international resources to address climate change issues. To be eligible for aid, Pakistan must meet certain criteria and show the world that it is actually working to reduce global pollution. Pakistan’s low income per capita, and high vulnerability should make it easier to qualify for aid.
Even for poor countries, the budget that developed countries have collected to combat global warming has been modest. Of the $632 billion in climate finance available for 2019-20, $65 million was spent by multinationals to East Asian countries and only $20,000,000 was granted to the poorest nations.
The vast majority of mitigation spending in Pakistan is planned for renewable energy. This includes solar, wind and hydropower. The NDCs estimate $101 million for energy transition by 2030. This figure is clearly beyond what Pakistan can afford. Non-concessional financing of renewable investments is now the norm, as the cost of renewable alternatives falls within the same range as fossil fuel options.
Pakistan must also attract investments in climate change initiatives to reach its 2030 emission target. This will allow our cities to be liveable enough to provide safe and healthy living conditions for our citizens.
Pakistan will need to decommission its coal plants, increase renewable energy sources, invest more in green technology, and expand the green finance market for bonds. This will also help improve perceptions of country risk. It will also be crucial to build the capacity and technical expertise of the Ministry of Finance, the country’s leading climate finance effort, in order to identify and mobili