Finance Minister Reiterates Determination To Make Business Environment More Conducive
Muhammad Aurangzeb has emphasized Pakistan’s commitment to addressing climate change and promoting green investment opportunities.
Finance Minister Muhammad Aurangzeb has reiterated the government’s commitment to creating a more favorable business environment for international investors. Speaking via an online platform at the UK-Pakistan Green Investment Forum today, he emphasized Pakistan’s dedication to combating climate change and fostering green investment opportunities.
The event, organized by the British High Commission in Pakistan, provided a platform for Aurangzeb to underscore Pakistan’s vulnerability to the adverse impacts of climate change, despite its relatively low contribution to global greenhouse gas emissions. He referenced a recent World Bank study, which projected potential annual GDP losses of up to one percent due to climate-related risks.
Recognizing the substantial funding gap in adaptation, resilience, and mitigation projects, Aurangzeb stressed the urgency of bridging this divide. He highlighted how shifting weather patterns in Pakistan are affecting agricultural productivity and increasing the risk of flooding, storms, and heatwaves.
Expressing gratitude to the British High Commission for hosting the forum, the Minister acknowledged the necessity for a stronger portfolio of green investment projects. He emphasized Pakistan’s reliance on private sector involvement and underscored the government’s efforts to boost investor confidence in viable green opportunities.
Aurangzeb outlined Pakistan’s plans to leverage innovative financing instruments to attract international climate finance. He announced the government’s intention to issue domestic green sukuk bonds by December of this year to fund sustainable development projects.
Additionally, Aurangzeb highlighted the successful completion of Pakistan’s 9-month Standby Arrangement with the IMF. He expressed the government’s intent to engage with the IMF for a medium-term fund-supported program, demonstrating Pakistan’s commitment to pursuing sustained economic growth and stability.
