The minister emphasised that the funding consists of co-financing of approximately $11.8 million and $66 million from Green Climate Fund (GCF) resources.
The Federal Minister for Climate Change announced on Tuesday that funding of $77.8 million has been approved for Recharge Pakistan, a project that aims to strengthen the nation’s climate resilience and water security.
“Pakistan has good news! The funding for our Recharge Pakistan project, which will be carried out over the following seven years, has been approved today, according to the minister in a post on Twitter.
The minister emphasised that the funding consists of co-financing of approximately $11.8 million and $66 million from Green Climate Fund (GCF) resources.
194 signatories to the UN Framework Convention on Climate Change created the GCF in 2010. Its headquarters are in South Korea, and it serves as an operating entity for the Convention’s financial mechanism.
According to minister, the goal of this adaptation project is to launch ecosystem-based adaptation interventions that will store floodwater in wetlands, floodplains, and depressions (green infrastructure) at a number of key locations.
The GCF, the World Wildlife Fund (WWF), and the Government of Pakistan collaborated on Recharge Pakistan. According to information on the WWF website, the project aims to increase Pakistan’s water security and resilience to climate change through efficient ecosystem-based adaptation.
The project will “increase water storage and recharge through the management of wetlands, floodplains, and hill-torrents; promote community-based natural resource management and livelihoods that are climate-adapted; and forge a paradigm shift to scale up this approach,” according to the website.
In a high-level meeting with a delegation led by Sultan Ahmed Al Jaber, the UAE’s Minister of Industry and Advanced Technology, last week, Minister stated that multilateral organisations have identified a “critical gap” in resources for adaptation and mitigation, amounting to $348 billion or 10.7% of global GDP by 2030.
Despite this, Pakistan is committed to a transition to green energy, and by 2030, it plans to shift 60% of its energy requirements to renewable sources while cutting projected emissions by 50%, according to minister.
The minister added that Pakistan is actively involved in moving the nation towards the renewable energy sector and is looking for partnerships in these fields.