Islamabad (Commerce Desk) — Finance Minister Muhammad Aurangzeb has said that the benefits of climate targets should reach the people and local communities, while strong policies and access to financial resources are essential for the effective implementation of climate projects.
Addressing a conference on climate change in New York, Muhammad Aurangzeb said Pakistan’s capacity to implement climate projects at the national level would have to be strengthened, and consensus must be developed for practical progress rather than limiting efforts to discussions.
He said Pakistan was mobilizing domestic and international resources for climate projects and efforts were continuing to secure resources from international financial institutions and climate funds. A lack of coordination among institutions and a shortage of investment-ready projects are major obstacles to climate initiatives.
The Finance Minister said that after the 2022 floods, some international financial resources could not be utilized due to a lack of projects. Therefore, such projects would have to be developed in the future that can effectively convert available financial resources into benefits for the public.