BAKU: At the 29th Conference of the Parties (COP29) in Baku, Federal Minister for Finance Muhammad Aurangzeb emphasized the need for innovative climate solutions to aid vulnerable communities, particularly those least responsible for global emissions yet most impacted by climate change. Speaking at the “Acumen’s Climate Action Fund for Pakistan” event held at the Pakistan Pavilion, the finance minister stressed the importance of supporting sectors like agriculture, which are critical to Pakistan’s economy but face severe risks from climate change.
Aurangzeb highlighted a key milestone for Pakistan in its fight against climate challenges: the launch of the country’s first climate-focused fund dedicated to enhancing agricultural resilience. This initiative, designed to help Pakistan’s agricultural sector adapt to the changing climate, aims to ensure food security and protect the livelihoods of small farmers.
The minister outlined the vision behind the Acumen Climate Action for Pakistan (ACAP) Fund, describing it as the nation’s first private-sector fund focused on climate action. The fund, which seeks to support businesses that build agricultural resilience, is particularly focused on benefiting smallholder farmers who form the backbone of Pakistan’s agricultural workforce. The goal is to reach 13 million small farmers, providing them with the resources and tools to adapt to the evolving climate landscape.
Romina Khurshid Alam, the Coordinator to the Prime Minister on Climate Change, also spoke at the event, praising the Acumen Climate Action Fund as a groundbreaking initiative for Pakistan’s agriculture sector. Alam stressed the urgent need for such initiatives, noting that projections suggest Pakistan’s agricultural productivity could decline by 8-10% by 2040 due to the impacts of climate change. She explained that the fund’s focus on offering patient capital to agribusinesses, particularly those working with smallholder farmers, is essential for promoting sustainable farming practices and securing food resources for the future.
Alam emphasized the importance of addressing climate risks to ensure the resilience of Pakistan’s agriculture sector and promote long-term food security. “This initiative is not just about economic growth, but about securing the livelihoods of millions of Pakistanis who depend on agriculture for their survival,” she said.
The discussions at COP29 underscored the critical need for targeted climate finance solutions that can drive tangible change, particularly in vulnerable sectors like agriculture, and contribute to building resilience against the increasingly severe impacts of climate change in Pakistan.
