February 7, 2025 – Acting President Syed Yousuf Raza Gilani emphasized the importance of exploring innovative financial mechanisms to support green infrastructure and sustainable practices, specifically through climate finance and carbon markets. His remarks were made during the concluding session of the Breathe Pakistan International Climate Change Conference, held in Islamabad.
Gilani, who assumed the role of acting president following President Asif Ali Zardari’s departure for a visit to China, addressed a gathering of climate experts, policymakers, and advocates. He underscored the necessity of utilizing advanced financial solutions to foster green infrastructure, which includes multi-functional urban and rural green spaces that contribute to both quality of life and environmental benefits. The concept of green infrastructure is critical to adapting cities and communities to climate challenges while providing ecological and societal advantages.
A key component of Pakistan’s push for climate resilience is the establishment of a clear “taxonomy” in green and sustainable finance. According to the Economic and Social Commission for Asia and the Pacific (ESCAP), a green taxonomy is a classification system that identifies investments as “green” based on their alignment with environmental objectives and sustainability targets. Gilani’s comments reflect an ongoing effort to develop a green finance ecosystem that can support long-term environmental goals and secure investments in sustainable projects.
Pakistan is one of the world’s most vulnerable countries to climate change, ranking among the top 10 nations affected by extreme climate events. In his address, Gilani called for urgent global action to address climate challenges, framing the issue not only as an environmental concern but as a matter of economic security, social justice, and national sovereignty. “Climate change is not just an environmental concern but a fundamental issue of economic security, social justice, and national sovereignty,” he stressed.
The acting president highlighted that Pakistan stands at the frontline of climate change, which has already manifested in devastating floods, prolonged droughts, and the melting of glaciers. These changes threaten not just livelihoods but entire ecosystems. Reflecting on the catastrophic floods of 2022, Gilani pointed out that the damage caused, including the displacement of millions and the economic losses amounting to billions, serves as a stark reminder of the immediate threat posed by climate change. “The historic floods of 2022… served as a stark reminder that climate change is no longer a distant threat—it is a lived reality for our people,” he said.
To mitigate the impacts of climate change, Gilani discussed various measures being implemented by the Pakistani government, including the promotion of renewable energy sources such as solar, wind, and hydropower. These initiatives are part of the broader strategy to reduce Pakistan’s dependence on fossil fuels, thus contributing to both climate mitigation and energy sustainability.
In addition to renewable energy, Gilani discussed the exploration of carbon markets and climate finance as key financial mechanisms to promote green infrastructure, green taxonomy, and climate-smart agriculture. By integrating these mechanisms, the government aims to build a resilient economy and address the pressing issues of water scarcity through effective water resource management (WRM). Conservation policies and integrated water governance are vital to mitigating Pakistan’s water-related challenges.
Gilani also emphasized that Pakistan cannot address the climate crisis alone and called on the international community to support developing countries. “Principles of climate justice demand that developed nations uphold their commitments under the Paris Agreement,” he said, referring to the $100 billion annual climate finance pledge made by developed countries. He called for concrete actions to ensure that vulnerable nations like Pakistan receive the necessary support to build a climate-resilient future.
Finally, the acting president called for empowering youth and creating a conducive environment for a greener future. His remarks underscored the importance of engaging the younger generation in the fight against climate change, encouraging them to play an active role in shaping the future of the environment.
Gilani’s speech serves as a rallying call for both local and global actors to unite and take urgent action to address climate change, with innovative financial mechanisms playing a crucial role in driving sustainable change and building resilience.