Pakistan has been labelled as being “highly” susceptible to the effects of climate change in a report by the Economist Intelligence Unit (EIU).
Pakistan has been labelled as being “highly” susceptible to the effects of climate change in a report by the Economist Intelligence Unit (EIU). Its subtitle, “The Climate Change Crisis: Understanding the Trends Affecting an Unpredictable Future,” emphasises how policy-making and societal changes will be influenced by climate change in the near future.
According to the EIU report, developed nations ought to give poorer nations more aid because they are more susceptible to the negative effects of global climate change. The Intergovernmental Panel on Climate Change (IPCC) of the United Nations (UN) predicts that underdeveloped nations in Africa will experience the most severe consequences of irreversible climate change.
The report goes on to say that the effects of extreme storms, droughts, heatwaves, and flooding will still be “unprecedented” even if nations succeed in limiting global temperature rise to 2°C. Pakistan has made notable efforts to lessen the physical effects of climate change after experiencing devastating floods in 2022.
The “Recharge Pakistan” project, which has received Green Climate Fund approval, is also highlighted in the report (GCF). The project has been given approval for funding of $77.8 million, with GCF financing making up 84.8 percent of the total funds, the Minister for Climate Change announced on her Twitter account.
Recharge Pakistan wants to implement ecosystems-based adaptation (EbA) and green infrastructure to change the way the nation manages floods and its water resources in the Indus Basin river system. Through these initiatives, long-term drought and flood resilience will be improved, and a new paradigm for EbA initiatives in Pakistan will be established.
The EIU report emphasises the need for more financial resources to combat climate change in spite of such initiatives. A major obstacle to nations achieving their climate goals is a lack of private investment.
Additionally, the recent conflict in Ukraine has hampered international supply chains and halted advancements in clean energy initiatives, increasing reliance on fossil fuels.
According to the report, investments in sustainable finance will decrease in 2023 as a result of the energy crisis brought on by the Ukraine war, high inflation, rising interest rates, and recession fears. However, it predicts that as the world economy recovers in 2024, the appeal of sustainable finance will increase.
The lack of rain in North Africa is threatening harvests, and low rainfall in Europe is contributing to the rise in food prices, according to the report, which warns that governments worldwide may face challenges as a result of the expected rise in food prices. Public discontent could result from this, adding to the difficulties governments are already facing as a result of the cost-of-living crisis.