New Delhi: The UK has announced £108 million in funding to help Pakistani businesses adapt to the threat of climate change. The announcement was made by UK Minister for the Middle East, Hamish Falconer, during a two-day visit to Pakistan.
The funding will be used to develop climate technologies and expertise needed by local businesses to tackle climate change. It will be delivered in partnership with the International Finance Corporation (IFC) and is the largest single-country blended finance facility of its kind. The programme will use the UK’s £108m to attract 5-6 times more investment from the private sector. This investment will support the creation of over 100,000 Pakistani jobs, according to the UK government, according to a UK government press release.
Speaking at the launch event in Islamabad, Minister Falconer said: “The UK and Pakistan are committed to tackling tomorrow’s threats today. That’s why we’re investing in the expertise needed and supporting local businesses, alongside the Government of Pakistan, to get ahead of the challenges that climate change poses to the Pakistani people and the world.”
The Minister also highlighted the strength of the UK-Pakistan partnership, stating: “From my own time working as a diplomat in Pakistan to now returning as a Minister, it’s clear that the UK and Pakistan’s partnership continues to go from strength to strength and is essential in tackling shared global challenges.”
This initiative is part of the UK’s Climate Investment Fund Pakistan programme (CIFPAK), which provides a range of initiatives aimed at encouraging private sector investment in climate solutions. The UK and IFC will reinvest project profits into the facility, financing more climate solutions.
The announcement follows the launch of the British High Commission Pakistan’s Cost of Inaction Report, emphasizing that inaction on climate change could cost Pakistan over one trillion dollars in 25 years, the release added.
Given how talented Pakistanis are, they will surely figure out a way to use the funds (meant to tackle climate change) to aid and abet their efforts to export Jihadi terrorism across the world.