Climate Change - suffering huge losses but minimum gains.

ISLAMABAD -- Sandwiched between India and China, the two emerging economies of the world, Pakistan is among top ten countries prone to climate change, losing over a billion rupees per day but with minimum gains from the Green Climate Fund facility.

Since climate change is a global phenomenon with cross boundary effects none of the countries on earth is secure from its disastrous consequences. Therefore, the international community opts for measures off and on to mitigate its impact and had approved US$ 7.2 billion Green Climate Fund for year 2020 to promote adaptation and mitigation mechanisms.

But despite climate change motivated natural disasters, Pakistan has managed to get only US$122 million through intermediary funding provided by United Nations Development Program (UNDP), Asian Development Bank (ADB) and the Food and Agriculture Organization (FAO) for three projects.

According to an official document of the Ministry of Climate Change (MoCC), the country has so far availed funding for one project from Adaptation Fund, three from GCF and completed 15 projects from Global Environment Fund (GEF). However, it has not yet accessed Climate Investment Funds (CIFs), major bilateral climate funds, or facilities except for one project from Nationally Appropriate Mitigation Actions (NAMA).

'Pakistan's recent and new World Bank commitments had the highest 17 contributions of climate co-benefits (CCBs) that reached 44% in Fiscal Year 2021 (up from 34% in Fiscal Year 2020), and is the highest in South Asia's World Bank portfolio and among the highest in the world,' the document reported.

The total GEF and GCF financing cumulatively is US$158.82 million that contains US$113.2 million grants. The GCF-funded projects under implementation include scaling up of Glacial Lake Outburst Flood (GLOF) Risk Reduction in Northern Pakistan through the United Nations Development Program (UNDP).

This is a five-year project intended to enhance the country's adaptation of rapidly increasing glacial melt in one of the world's highly glaciated region. The project cost is US$37.5 million and the GCF has provided a grant of US$36.69 million alongside a co-financing of US$0.5 million.

The Green BRT Karachi is another project assisted through GCF with US$538.5 million chipped in by the ADB which aimed at improving climate mitigation through eco-friendly transport in the biggest metropolis of Pakistan. The GCF senior loans for the project comprised of US$ 37.2 million...