Pakistan has secured a $500 million loan from the Asian Development Bank (ADB) under its ‘Climate and Disaster Resilience Enhancement Program.’ The agreement aims to strengthen Pakistan’s ability to address climate change and manage natural disaster risks, a pressing concern for one of the world’s most climate-vulnerable nations, according to the Global Climate Risk Index.
The initiative will enhance disaster risk management through improved risk mapping, response coordination, and gender-sensitive public investments. It also seeks to strengthen institutional frameworks for climate adaptation and disaster preparedness.
Economic Affairs Minister Ahad Cheema emphasized the significance of the program in scaling up disaster risk financing and advancing climate change initiatives, aligning with Pakistan’s broader efforts to tackle its climate vulnerabilities.
Prime Minister Shehbaz Sharif, speaking at the COP29 climate summit, stressed the urgent need for developing nations to access increased climate financing, estimating that $6.8 trillion will be required globally by 2030 to meet Paris Agreement targets.
This ADB loan complements Pakistan’s ongoing climate strategy, which includes a $1 billion funding request from the IMF’s Resilience and Sustainability Trust to support climate adaptation and clean energy projects.
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