Pakistan picked for COP31 climate finance pilot initiative
The COP31 Presidency named Ethiopia, Fiji, Indonesia, Pakistan and Uzbekistan as the first five countries for a new effort to turn climate pledges into funded projects.
Pakistan has been named among the first five pilot countries for a new climate finance initiative launched under the presidency of the upcoming United Nations climate conference, COP31, the Associated Press of Pakistan reported from New York on September 25. The initiative is designed to help developing countries translate their climate commitments into finance-ready projects, according to the report.
The COP31 Presidency announced Ethiopia, Fiji, Indonesia, Pakistan and Uzbekistan as the initial pilot countries. The selection could support Islamabad's efforts to mobilize international financing for its climate and development priorities, APP said.
The report did not provide details on the amount of funding involved, the timeline for the pilot phase, or the Pakistani institutions that would take part. It also did not specify whether the initiative would provide grants, concessional loans or technical assistance.
The initiative is part of a wider effort to close the gap between climate pledges made by developing countries and the finance available to implement them. Many developing countries, including Pakistan, have repeatedly said that limited access to climate finance is one of the main obstacles to meeting their targets under the Paris Agreement.
Pakistan has been seeking international support to deal with climate impacts, including floods, heatwaves and glacial melt in its northern areas. The country has argued that it is among the most vulnerable to climate change despite contributing little to global greenhouse gas emissions.
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