The Asian Development Bank (ADB) is planning to increase its climate portfolio in Pakistan as part of its next Country Partnership Strategy (CPS) for the country, according to ADB Director General for Central and West Asia, Yevgeniy Zhukov.
During a press briefing, Zhukov identified transport, energy, urban development, climate resilience, disaster preparedness, and food security as priority sectors for financing. He also revealed that Pakistan was at the top of the list of countries where project financing in 2023 would be the highest.
The ADB is working with the Pakistani government to develop an energy transition mechanism and to prepare a regional climate change strategy and action plan for central and West Asia.
The ADB is targeting delivering at least $100 billion in climate financing across Asia and the Pacific for 2019-2030, and committed $6.7bn in climate financing in 2022, including over $890 million in central and West Asia.
Meanwhile, a new study from the ADB has warned that water scarcity, heatwaves, shrinking glaciers, droughts, and floods are the largest climate change-related problems facing Pakistan, which is also at risk from rising sea levels.
