Developing countries require funds to tackle climate change challenges, says minister.

ISLAMABAD -- The government said on Friday that international financial architecture had to change to find the resources and funds that developing countries needed for the challenges of the 21st century.

'World Bank and other financial institutions need to urgently consider the needs of developing countries in their policies and practices,' said Federal Minister for Climate Change Senator Sherry Rehman speaking at the national dissemination event of the World Bank's Country Climate and Development Report on Pakistan.

She highlighted that the World Bank had a critical role to play in tackling the pressing challenges of climate change in Pakistan.

'This report has identified that Pakistan requires a staggering $348 billion to bolster its climate resilience and achieve its development goals by 2030. It highlights the critical importance of investing in Pakistan's economy and infrastructure to ensure the country is equipped to meet the challenges of climate change,' said the minister.

Countries like Pakistan were grappling with economic crisis and struggling to find sources of funding. Although there was money available in the system, it was not readily accessible to countries like Pakistan, she said adding: 'There is a pressing need for the global financial order to change to address this issue. To effectively manage climate shocks and risks, we require greater predictability and stability in financing, which necessitates a shift towards a new stage of the global financial system.'

The minister continued, 'The World Bank's core mission of eradicating extreme poverty and building sustainable prosperity is currently challenged by climate stress in Pakistan and internationally.

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