WB aims to ‘spur’ action with Pakistan climate report

ISLAMABAD: The World Bank will release a Pakistan-centric climate report during the United Nat­ions Climate Conference (COP27) in Sharm El-Sheikh, to help prioritise impactful actions needed to reduce greenhouse gas emissions and boost adaptation.

According to a statement by the World Bank, ‘Climate and Development Report’ will be launched on November 10.

Pakistan ranks among the ten countries most affected by climate change, the statement said, adding climate and development reports are diagnostic reports that integrate climate change and development considerations within the context of nations. The launch will follow a multi-stakeholder discussion on priority investments and policy changes to drive Pakistan’s development while managing climate risk.

Meanwhile, in a report, released on Friday, the World Bank calculated that investing an average of 1.4 per cent of GDP annually could reduce emissions in developing countries by as much as 70pc by 2050.

‘Climate and Devel­opment: An Agenda for Action’, compiled results from reports, covering over 20 countries accounting for 34pc of the world’s greenhouse gas emissions.

The report added investment needs are “markedly higher” in lower-income countries which are more vulnerable to climate risk, often exceeding 5pc of the GDP. These countries will need incre­a­sed amounts of concessional finance and grants to manage climate change impacts and develop along a low-carbon path.

The report also analysed the financial stability of individual countries and highlighted steps on integrating climate and development objectives.

“This approach to climate action can help them manage the negative impacts of climate change, while generating positive impacts on GDP and economic growth, and delivering critical development outcomes such as reducing poverty.”