Finance Minister Muhammad Aurangzeb called for immediate climate action during the launch of the Parwaaz Green Action Bond. This initiative, part of broader reforms including the digitalization of the federal board of revenue and infrastructure development, is designed to stimulate economic growth while addressing environmental concerns.

Aurangzeb highlighted the alarming rate at which Pakistan’s glaciers are melting as a consequence of climate change, stressing the urgent need for remedial measures. Despite the international community pledging $10 billion after the devastating 2022 floods, Pakistan has only received a third of the promised amount. The minister assured that the funds secured are being directed towards combating climate change and enhancing the country’s resilience.

He reaffirmed Pakistan’s dedication to global climate efforts by mentioning the nation’s active participation in the COP-29 summit in Baku. The government, he noted, remains committed to improving governance and implementing crucial economic reforms as part of its strategy to tackle the climate crisis and foster economic development.