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Planning Ministry Prepares Framework For 'alternate Financing' Of Climate Responsive Investment
Muhammad Irfan Published December 27, 2024 | 09:20 PM
ISLAMABAD, (UrduPoint / Pakistan Point News - 27th Dec, 2024) Minister for Planning, Development and Special Initiatives Professor Ahsan Iqbal on Friday directed the ministry's climate change section to develop an asset register of climate and disaster preparedness and response programs that could be funded through alternate financing sources.
"Alternate sources of funding like concessional climate funds, green fixed securities, blended finance and carbon finance can be useful in diversifying sources of finance and reducing the dependence on the national exchequer," he said while addressing a meeting which discussed the Planning Ministry's framework being developed for financing climate projects.
The minister, according to a news release, also stated that the Sindh coastal highway, which faced the highest vulnerability to sea intrusion, should follow a climate-resilient construction model so that it could be considered eligible for climate finance.
"Climate change must be used for economic transformation," the minister asserted.
As briefed by the Member Climate Change, the ministry is in the process of preparing draft reform measures for the resilience and sustainability facility of the IMF.
The reform measures would ensure debt sustainability, drive exports in emerging green value chains and build economic resilience to climatic shocks.
It was discussed during the meeting that the ministry would also develop a comprehensive framework for integrating financial instruments, including bonds, guarantees and blended financial models, into national and sub-national development planning.
