World Bank warns about climate vulnerability of Pakistan
The World Bank has issued a warning, stating that Pakistan
is highly vulnerable to the impacts of climate change, with frequent extreme
events causing fiscal shocks for the economy.
According to the "Second Resilient Institutions for Sustainable Economy: Climate Change Technical Note," an estimated 49 million people in Pakistan are at risk of a 4-5 percent decline in quality of life by 2030 due to climatic shocks.
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The report highlighted that floods alone have caused substantial physical damage, affecting over 30 million people since 2010, with damages and losses exceeding US$14 billion.
Pakistan is increasingly exposed and vulnerable to various climatic hazards, including droughts, heatwaves, and cyclones, which impact household welfare, human capital formation, and fiscal sustainability.
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The World Bank outlined two prior actions expected to yield climate co-benefits.
The first action aims to better target and reduce the fiscal cost of power subsidies, while the second action supports the wider usage of digital payments to enhance disaster response infrastructure and ensure operational resilience in the wake of climate-related natural disasters.
Source: Pro Pakistani