Baku: At the Twenty-Ninth Conference of the Parties (COP29) in Baku, Federal Minister of Finance Muhammad Aurangzeb stressed the need for innovative climate solutions to help vulnerable communities, especially those least responsible for global emissions and most affected by climate change. Speaking at the Climate Action Fund for Pakistan event organized by Acumen at the Pakistan Pavilion, the Finance Minister stressed the importance of supporting sectors such as agriculture, which are critical to Pakistan’s economy but face severe risks due to climate change.
Aurangzeb highlighted a major milestone for Pakistan in its fight against climate challenges: the launch of the country’s first climate-focused fund dedicated to strengthening agricultural resilience. Aiming to help Pakistan’s agricultural sector adapt to climate change, this initiative aims to ensure food security and protect the livelihoods of small farmers.
The Minister outlined the vision behind the Acumen Climate Action Fund for Pakistan (ACAP), describing it as the country’s first private sector fund focused on climate action. The Fund, which seeks to support companies that build agricultural resilience, has a particular focus on benefiting smallholder farmers who form the backbone of Pakistan’s agricultural workforce. The goal is to reach 13 million small-scale farmers, providing them with the resources and tools needed to adapt to the evolving climate landscape.
Romina Khurshid Alam, Prime Minister’s Coordinator on Climate Change, also spoke at the event, where she lauded the Acumen Climate Action Fund as a pioneering initiative for Pakistan’s agriculture sector. Alam stressed the urgent need for such initiatives, noting that projections indicate that agricultural productivity in Pakistan may decline by 8-10% by 2040 due to the effects of climate change. She explained that the Fund’s focus on providing slow-motion capital to agricultural companies, especially those working with smallholder farmers, is essential to promoting sustainable agricultural practices and securing food resources for the future.
Alam stressed the importance of addressing climate risks to ensure the resilience of Pakistan’s agricultural sector and enhance food security in the long term. “This initiative is not just about economic growth, it is about securing the livelihoods of millions of Pakistanis who depend on agriculture for their survival,” she said.
Discussions at COP29 emphasized the urgent need for targeted climate finance solutions that can bring about tangible change, especially in vulnerable sectors such as agriculture, and contribute to building resilience to the increasingly severe impacts of climate change in Pakistan.