The Senate Standing Committee on Climate Change, Thursday emphasized the urgent need for innovative climate financing solutions to address Pakistan’s growing environmental challenges.

The meeting, that met with Senator Sherry Rehman, in the chair focused on bridging the staggering $340 billion funding gap required for climate resilience, advancing the Electric Vehicle (EV) Policy, and addressing bureaucratic hurdles in accessing climate funds.

Finance Minister Muhammad Aurangzeb emphasised the need for a structured approach, incorporating key enablers such as the National Adaptation Plan and National Climate Finance Strategy.

“Green technology is pivotal for sustainability, but clear definitions and parameters are essential for effective monitoring and reporting,” he said.

He also noted ongoing discussions with the IMF under the Extended Fund Facility, with around $1 billion expected.

However, bureaucratic inefficiencies continue to hinder access to climate funds, underscoring the need for streamlined processes.