ISLAMABAD: Experts Saturday regretted that agriculture is the most affected and grapples with issues of productivity, efficiency and inability to respond to climate shocks.

Talking to media at the National Press Club, among other, a climate expert Khan Faraz referred that while inaugurating the spring tree plantation campaign at Islamabad on March 15, 2024, Prime Minister Shehbaz Sharif stated that Pakistan had been facing the hazardous effects of climate change and suffered a loss of billions of rupees in the past.

Quoting the Global Climate Risk Index, he underscored Pakistans ranking as the 05th most vulnerable country to climate related hazards and emphasized the need for immediate action.

During media interaction, he stated that Pakistan is an agricultural country. Agriculture is the backbone of the countrys economy. According to some media reports, Acumen Pakistan has announced the approval of anchor farming from the Green Climate Fund for Pakistans first investment fund targeting climate adaptation in the agriculture sector, with a focus on impacting the lives of vulnerable farmers.

The initiative is designed as an innovative blended finance facility, with $80 million of equity funding for early and growth stage local agribusinesses.

While, an additional $10 million will be deployed in grant funding to provide targeted support to improve the business models of investee companies and build overall climate resilience of the ecosystem in Pakistan, Khan Faraz added.

Copyright Business Recorder, 2024