UK announces new Rs37bn climate finance program for Pakistan

Lahore: British Minister for the Middle East, Afghanistan, and Pakistan, Hamish Faulkner, announced a new climate finance program worth £108 million (Rs37 billion), saying the funding will encourage new environmental technologies and private sector investment that will benefit both the planet and Pakistani businesses.

The British minister's announcement came after a report highlighted that the estimated cost of not acting on climate change for Pakistan is more than a trillion dollars over the next 25 years.

Announcing the new funding, British Minister Hamish Faulkner said that Pakistan and the UK have a long history of working together to tackle today’s threats. That is why we are working with the Government of Pakistan to support and invest in local businesses to address the challenges posed by climate change to the people of Pakistan and the world.

Recognizing the global threat posed by climate change, the UK will deliver this first-of-its-kind program in partnership with the International Finance Corporation (IFC).