https://twitter.com/home https://www.facebook.com/Shabbir.Hussain191By Shabbir Hussain
ISLAMABAD, Nov 21 (Alliance News): The UK has announced a £108 million climate finance program to support Pakistan in addressing climate challenges.
This initiative, launched by Hamish Falconer, the UK’s Minister for the Middle East, Afghanistan, and Pakistan, will drive investment in climate technologies and private sector initiatives.
Delivered in partnership with the International Finance Corporation (IFC), the program is the largest blended finance facility of its kind for a single country. It aims to develop technologies and secure investments to help Pakistan adapt to climate change.
Profits from funded projects will be reinvested to support further climate solutions, with the potential to leverage 5-6 times the UK’s investment from the private sector.
Speaking in Islamabad, Falconer emphasized the UK-Pakistan partnership in tackling global threats. He stated, “We’re investing in expertise and local businesses to prepare for climate challenges that affect Pakistan and the world.”
IFC Country Manager Zeeshan Sheikh highlighted the collaboration’s role in strengthening Pakistan’s climate resilience, stating the initiative would build a sustainable climate finance ecosystem.
The announcement follows the British High Commission’s “Cost of Inaction Report,” which estimates that climate inaction could cost Pakistan over $1 trillion in the next 25 years.
Falconer’s visit also included meetings with key Pakistani officials, including Foreign Minister Ishaq Dar and National Assembly Speaker Sardar Ayaz Sadiq, to discuss democracy, security, and shared challenges.
