Pakistan launches 1st National Climate Finance Strategy on COP29 sidelines

Pakistan on Friday unveiled its first-ever National Climate Finance Strategy (NCFS), aimed at mobilizing financial resources for climate mitigation and adaptation.

According to Radio Pakistan, the strategy was launched by Federal Minister for Finance Muhammad Aurangzeb and Prime Minister’s Coordinator on Climate Change, Romina Khurshid Alam, at the Pakistan Pavilion in Baku on the sidelines of the two-week UN-led global climate conference (COP29).

“[Strategy] outlines a comprehensive framework to scale up climate-related investments, attract international funding, and strengthen domestic financial systems,” Radio Pakistan reported.

“The strategy provides a roadmap for Pakistan to systematically access climate finance from a variety of domestic and international sources, reinforcing the country’s commitment to the Paris Agreement and its climate resilience goals.”

Speaking on the occasion, Aurangzeb said the strategy would enable Pakistan to leverage international, domestic, and private finance to support climate resilience efforts.

The strategy prioritizes sectoral resilience and the development of climate-smart policies across key sectors such as agriculture, infrastructure, and urban planning, the finance minister said, adding that NCFS identified key financial instruments and channels for climate action, aiming to close the estimated $348 billion climate finance gap facing the country by 2030.