Pakistan’s ability to reduce poverty and develop is at risk due to climate change-induced disasters.
According to the World Bank Group’s Country Climate and Development Report (CCDR) for Pakistan released today, the country needs fundamental changes in its development path and policies in order to foster people-centric climate adaptation and resilience. This involves substantial investments, including international assistance.
More than 1,700 people have died and more than 8 million people have been displaced as a result of this year’s heatwave triggered by climate change. It has also caused massive damage to infrastructure, assets, crops, and livestock, affecting more than 33 million people and costing more than $30 billion in damages.
Pakistan’s GDP is projected to be reduced by at least 18 to 20 percent by 2050 due to extreme climate-related events, environmental degradation, and air pollution. Economic development and poverty reduction will be slowed.
According to Martin Raiser, World Bank Vice President for South Asia, “the recent flooding and humanitarian crisis serve as a wake-up call for urgent action to prevent further damage to the people of Pakistan and its economy.” A more inclusive and sustainable economy can be achieved in Pakistan through accelerated climate action, he said.
Adapting to climate change requires five priority transitions, including transforming the agri-food system, building resilient and livable cities, accelerating the transition to sustainable energy and low-carbon transportation, improving human capital for sustained and equitable development and climate resilience, and aligning financing policies, incentives, and institutions for climate action scaling up.
