ISLAMABAD: Pakistan’s President Asif Ali Zardari has emphasized that the country’s climate finance needs are substantial and called for increased support from the Asian Development Bank (ADB) to address the impacts of climate change.
The President highlighted that the severe climate changes and devastating floods of 2022 had a profound impact on the country’s economy as well as on its agriculture sector, educational and road infrastructure.
President Zardari said this during a meeting with ADB President Masatsugu Asakawa at Aiwan-e-Sadr in Islamabad.
President Zardari highlighted the extensive damage inflicted by the catastrophic floods of 2022, which had devastating effects on Pakistan’s economy, agriculture sector, and infrastructure. He emphasized the need for substantial climate finance to help the country recover and adapt to ongoing environmental challenges.
The meeting was attended by Senator Sherry Rehman and Senator Saleem Mandviwalla, who were also briefed on the pressing issues faced by Pakistan. Zardari outlined how the floods, coupled with the long-term economic toll from the war on terror, had compounded the country’s challenges. He expressed gratitude for the ADB’s previous support and its role in assisting Pakistan in the aftermath of the 2022 floods.
On the occasion, ADB President Masatsugu Asakawa acknowledged the severe impacts of climate change on Pakistan, including the accelerated melting of glaciers. Asakawa reaffirmed the ADB’s commitment to supporting Pakistan’s climate resilience and infrastructure development. He announced that the ADB would provide $2 billion in annual assistance over the next three years, aimed at bolstering climate-resilient initiatives and infrastructure projects.
Asakawa also commended the recent signs of economic recovery and stabilization in Pakistan, recognizing the efforts made by the country to address its economic and environmental challenges.
