British Excessive Commissioner, Jane Marriott CMG OBE, has launched a landmark research to determine and prioritise essential initiatives to mobilise non-public sector local weather financing in Pakistan.
The studys local weather finance evaluation consists of a number of ‘roadmaps to motion’ to assist the Authorities of Pakistan’s ambitions for local weather mitigation, adaptation and resilience. The research will assist to tell the subsequent era of UK assist to ship Pakistan’s local weather funding ambition.
As we speak’s occasion (20 November 2023) on ‘Accelerating Inexperienced and Local weather Resilient Financing in Pakistan’, was co-chaired with Minister of Local weather Change, Mr Ahmed Irfan Aslam. The research, carried out via the Boston Consulting Group (BCG), is a part of the UK Authorities’s ‘Centres of Experience’ initiative by the Progress Gateway Programme.
On the occasion, the Excessive Commissioner introduced three new UK-supported initiatives:
A brand new partnership with Authorities of Pakistan to quantify the price of inaction beneath the Progress Gateway programme – an essential step for Pakistan to develop a sturdy adaptation and resilience financing technique.
FCDO’s REMIT programme will assist the Authorities of Pakistan with streamlining institutional governance for local weather finance.
REMIT will even assist the event of a nationwide inexperienced taxonomy to categorise local weather investments, via a partnership between the World Financial institution Group and the State Financial institution of Pakistan.
British Excessive Commissioner, Jane Marriott CMG OBE, mentioned:
“There isn’t a larger world problem than tacking local weather change, which Pakistan is struggling the impacts of greater than most international locations.
“This new UK-supported evaluation is a part of our wider local weather finance and governance assist in Pakistan. By figuring out and prioritising probably the most essential local weather finance initiatives, we’re laying the foundations for local weather finance mobilisation at scale into a number of the most essential low-carbon and adaptation initiatives in Pakistan.
“As we speak’s dialogue amongst authorities, non-public sector and improvement finance leaders is a crucial step for harnessing the potential of the non-public sector to assist Pakistan mitigate, and reply to, future local weather shocks..”
Minister for Local weather Change and Environmental Coordination, Mr. Ahmad Irfan Aslam, mentioned:
“The UK Authorities research which has been launched right this moment fills a essential information hole. It identifies which initiatives are required for Pakistan to mobilise extra and higher local weather finance, particularly by the non-public sector. The Authorities of Pakistan seems ahead to collaborating on new areas of assist introduced by the UK right this moment to take ahead a number of of the important thing initiatives recognized – placing this report into quick motion.”
Ms Charmian Caines, Senior Associate at Boston Consulting Group (BCG), mentioned:
“We on the Progress Gateway Programme have been delighted to assist UK and Pakistan of their partnership to bridge Pakistan’s local weather financing gaps because it addresses its urgent vulnerability to excessive local weather shocks. Our collaboration has recognized key enablers to unlock bankable alternatives, precedence adaptation and resilience (A&R) initiatives in addition to initiatives to share the stress of catastrophe danger financing on authorities budgets with the non-public sector.”
Ms Jalpa Patel, CEO of Adam Smith Worldwide (ASI) mentioned:
“Local weather finance and inexperienced investments are essential for Pakistan’s future. Adam Smith Worldwide is happy to assist ship on the UK’s local weather commitments by offering important technical assist on local weather financing to the Authorities of Pakistan via the FCDO-funded REMIT programme to assist the federal government design coverage, regulation, and monetary devices for capital markets to catalyse worldwide local weather finance.”
In attendance was the Finance Minister, Dr Shamshad Akhtar, Senator Sherry Rehman, Particular Assistant to the Prime Minister on Authorities Effectiveness / Deputy Chairman Planning Fee, Jehanzeb Khan, and different main local weather finance specialists.
Notes to editors
1. A current research by the World Financial institution assessed it’s going to take $348 billion to adapt to local weather challenges, and transition to a low carbon financial system. Present financing in in Pakistan is inadequate with restricted non-public sector participation and the allocation of funds disproportionately in the direction of mitigation moderately than adaptation and resilience.
The report highlights that an essential and needed step is to calculate the ‘value of inaction’ on Adaptation and Resilience (A&R) priorities and the influence that this is able to have on the lives of peculiar Pakistanis, the pure setting and the financial system. A&R initiatives are sometimes seen as ‘unbankable’, and so it is very important think about the return on funding otherwise. As soon as that ‘value of inaction’ hole turns into clear, the return on financing A&R initiatives turns into seen.
The UK plans to assist the research’s roadmap to amount the ‘value of inaction’ via the Progress Gateway programme, alongside offering wider assist to local weather governance and mobilisation via our UK toolkit – together with to develop a inexperienced taxonomy via the UK’s REMIT programme (Income Mobilisation, Funding and Commerce Programme).