February 03, 2025: Pakistan and the Climate Vulnerable Forum (CVF)-V20 delegation highlighted key climate initiatives aimed at addressing the challenges faced by climate-vulnerable nations during a high level meetinh held in Islambad.
A delegation from the Climate Vulnerable Forum (CVF)-V20, comprising finance ministers from climate-affected nations, met with Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, at the Finance Division to discuss key climate initiatives in Pakistan.
The V20, which represents finance ministers from 70 countries most susceptible to climate impacts, emphasizes the need for urgent reforms in the international financial system to support climate resilience efforts. This includes advocating for greater access to concessional finance and debt relief mechanisms to enable investments in green initiatives.
Pakistan’s Prime Minister’s Coordinator on Climate Change, Romina Khurshid Alam, reaffirmed the country’s commitment to establishing a V20 Climate Action Data Bank. This initiative aims to consolidate critical data on climate risks and financial resilience needs, facilitating informed decision-making and resource mobilization among V20 member countries.
The discussions also stressed the importance of regional cooperation in sharing climate-related data and resources. By pooling information, V20 nations can enhance their understanding of vulnerabilities and develop tailored strategies for climate adaptation and mitigation.
The V20 is pushing for innovative financial mechanisms that can attract investment into climate resilience projects. This includes promoting a new global deal on carbon financing and revolutionizing risk management strategies for economies vulnerable to climate change.
These initiatives reflect a collective effort to strengthen the financial architecture supporting climate action in vulnerable regions, ensuring that countries like Pakistan can better cope with the adverse effects of climate change.