To combat the effects of climate change and boost environmental initiatives in Pakistan, the 7th Green Climate Fund (GCF) Board Pakistan meeting has given the green light to five vital projects, securing an approximate sum of $200 million in financing.
The meeting was chaired by the Ministry of Climate Change and Environmental Coordination on November 7, 2023.
Developing countries often grapple with the dual challenge of economic development and climate change mitigation and adaptation, while also addressing the financial implications of loss and damage. The Green Climate Fund (GCF), a United Nations Framework Convention on Climate Change (UNFCCC) initiative, has a mission to support developing nations in their efforts to combat climate change, both in terms of adaptation and mitigation.
5 Climate Projects approved
During the meeting held on November 7, as many as 11 projects and programs aligned with Pakistan’s national priorities were presented. These projects span various sectors, including forestry, wildlife, health, energy, and green exports, and were put forth by relevant provincial departments, accredited entities, and commercial banks.
Following thorough deliberation, the GCF Board endorsed five of these projects, resulting in an allocation of around $200 million.
Once approved by the Board, the National Designated Authority (NDA), which is the Ministry of Climate Change & Environmental Coordination, will issue No Objection Letters (NOLs). These NOLs will enable the submission of project proposals to the GCF Secretariat for further processing and approval.
Moreover, the GCF Board also endorsed the accreditation of both public and private sector entities, a move aimed at facilitating direct access to global fund resources while reducing reliance on United Nations agencies for resource allocation. This strategic shift is expected to decrease operational costs and offer additional benefits to vulnerable communities through the targeted initiatives.
Highlighting the Ministry’s dedication to addressing climate change in Pakistan and securing much-needed climate finance, the Ministry’s media spokesperson pointed out that they have achieved a substantial increase in grants from the GCF, with funding rising from US$129 million to US$221 million in just the past six months. This demonstrates a strong commitment to environmental sustainability and climate resilience in Pakistan.
