Pakistan receives $500 million from ADB to tackle climate change

The State Bank of Pakistan (SBP) on Thursday received a $500 million loan from the Asian Development Bank (ADB). 

According to the SBP, this amount will be added to the foreign exchange reserves next week. The SBP says the ADB has given this amount to deal with the impact of climate change in Pakistan.

Also, this is worth mentioning here that the ADB has given this amount to Pakistan as a loan. 

At a recent event with UNICEF at the COP 29 Summit in Baku, Azerbaijan, Pakistan affirmed its commitment to protecting the rights and interests of children and young people in the face of climate change.

Leaders from the Government of Pakistan signed the Declaration on Children, Youth and Climate Action, a pledge by champion governments to uphold priorities identified by children and youth across the world. The signature is a significant step towards safeguarding the lives of 112 million children and young people in Pakistan who are vulnerable to climate-related disasters, displacement, and trauma.

Romina Khurshid, the Prime Minister’s Coordinator on Climate Change upon signing the Declaration on Children, Youth and Climate Action, said: “We commit to integrate child rights and needs into Pakistan’s climate policies and especially the Nationally Determined Contributions 3.0, which will be the focus of COP30 in Brazil next year.”