Pakistan has unveiled its first-ever National Climate Finance Strategy (NCFS), aimed at addressing the urgent challenges of global warming and mobilizing financial resources for climate mitigation and adaptation.

The strategy was jointly launched by Federal Minister for Finance, Muhammad Aurangzeb, and the Prime Minister's Coordinator on Climate Change, Romina Khurshid Alam, at the Pakistan Pavilion in Baku on the sidelines of the two-week UN-led global climate conference (COP29).

It outlines a comprehensive framework to scale up climate-related investments, attract international funding, and strengthen domestic financial systems. The strategy provides a roadmap for Pakistan to systematically access climate finance from a variety of domestic and international sources, reinforcing the country's commitment to the Paris Agreement and its climate resilience goals.

Speaking on the occasion, Finance Minister Muhammad Aurangzeb emphasized the importance of the strategy, highlighting its focus on transparency, accountability, and inclusivity. He said that the strategy will enable us to leverage international, domestic, and private finance to support climate resilience efforts.

He said the strategy prioritizes sectoral resilience and the development of climate-smart policies across key sectors, such as agriculture, infrastructure, and urban planning. The Finance Minister further explained that the NCFS identifies key financial instruments and channels for climate action, aiming to close the estimated $348 billion climate finance gap facing the country by 2030.

In her remarks, Prime Minister's Coordinator on Climate Change, Romina Khurshid Alam outlined the critical goals of the NCFS, including building climate resilience through strategic investments, enhancing sectoral policies, and creating an inclusive approach to climate action.

She said that Pakistan is one of the most climate-vulnerable countries in the world, referencing the devastating 30-billion-dollar loss from the 2022 floods that affected 33 million people. She said the NCFS also incorporates a new National Climate Finance Portal that will track climate finance inflows and outflows, ensuring transparency and accountability.

In her remarks, Secretary of the Ministry of Climate Change and Environmental Coordination Aisha Humera Moriani reiterated the importance of multilateral climate action and expressed her pride in hosting the launch event at COP29. She said our NCFS is grounded in the principles of enhancing resilience, clarifying institutional roles, and expanding access to diverse sources of climate finance.

Secretary General of the Climate Vulnerable Forum Mohamed Nasheed emphasized the need for developed countries to fulfill their climate finance commitments. He stressed the importance of collective regional efforts to tackle climate risks.

Lead Climate Specialist for South Asia at the World Bank Tom Kerr also welcomed the NCFS, praising Pakistan’s proactive approach. He said South Asia is one of the most climate-vulnerable regions, and Pakistan’s NCFS is a landmark achievement in mobilizing the necessary climate finance to achieve regional climate resilience.