The British envoy to Pakistan, Martin Dawson, has highlighted the potential for significant economic losses due to climate change, estimating that Pakistan may incur losses of up to $1.2 trillion by 2050. This alarming forecast underscores the urgent need for climate finance to support adaptation efforts in the country.
Speaking at the launch ceremony of the ’60th Wildlife Photographer of the Year’ exhibition at the British Council Karachi on Friday, Dawson emphasized that adapting to the effects of climate change is critical, and substantial climate finance is essential for Pakistan to mitigate these impacts effectively.
The United Kingdom (UK) had recently launched its Climate Finance programme, which would help mobilise half a billion people in climate finance and invest in new climate-friendly technologies, business models and private sector solutions, he maintained.
Through its climate programmes, he said, the UK government had helped over 1.5 million people increase their resilience against extreme climate events.
“We’re working with climate-vulnerable communities in Gilgit-Baltistan and Khyber Pakhtunkhwa to help them improve their water systems.”
The country currently faces adaptation needs between $7 billion and $14 billion annually, yet it has received less than $500 million in international climate finance so far.
The World Bank projects that the cumulative impact of climate change could reduce Pakistan’s GDP by 18% to 20% by 2050, primarily due to extreme weather events such as floods and droughts.
The recent catastrophic floods in 2022 exemplified this threat, causing over $30 billion in damages and displacing millions.
To address these challenges, estimates suggest that Pakistan will need around $348 billion in investments by 2030, with a significant portion dedicated to adaptation strategies.
This includes approximately $200 billion for adaptation and $140 billion for mitigation efforts.