LAHORE: Federal Minister for Planning and Development Professor Ahsan Iqbal on Saturday said that climate change represents the foremost global challenge today, requiring shared international responsibility and enhanced global partnerships.
Addressing the Second Asia Energy Transition Summit at LUMS, he urged developed countries and international financial institutions to expand climate financing, enabling developing nations to adopt green technologies more affordably. “Financial incentives and concessional financing are now essential for sustainable climate action,” he said, warning that climate change is intensifying emergencies and increasing economic burdens on vulnerable countries.
Professor Ahsan emphasized the need to redesign the global financial system around collective responsibility and equity. He noted that the world is rapidly shifting towards green infrastructure and environmentally sustainable technologies, adding that Pakistan is implementing reforms to boost renewable energy, solar power, and green technological solutions.
Highlighting the country’s potential, he said Pakistan has strong solar resources, a growing renewable energy market, a skilled engineering and scientific talent pool, and an enabling environment for innovation. The minister added that Pakistan is collaborating with international organizations, multilateral partners, and private investors to develop new climate financing models.
These initiatives include the adoption of modern instruments such as green bonds and blue finance, designed to mobilize resources for sustainable development while promoting green economic growth, he explained.
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