In a latest development, the Asian Development Bank (ADB) has given a approval of $500 million policy-based loan to compensate for the destruction which occurred due to climate change in Pakistan, The loan will also support future developments in climate change and disaster risk reduction in Pakistan. It should be noted that the floods of 2022 have caused an unprecedented damage in Pakistan even though Pakistan has very little to no contribution in the climate change.
However, it is pertinent to mention here that around 1,700 people got killed in this disaster leaving 33 million people homeless and causing a loss to about $30 billion. The introduction of The Climate and Disaster Resilience Enhancement Programme (CDREP) by Asian Development Bank (ADB) will boost Pakistan’s ability to pre-plan, prepare and respond to climate emergency situations in a resilient and effective way.
Furthermore, a risk-layered approach will be adopted to finance the emergency and disaster situations as stated by the Asian Development Bank (ADB). The bank further stated, “Pakistan is one of the most vulnerable countries to climate change and disasters triggered by natural hazards in Asia and the Pacific. Average losses from disaster events exceed $2 billion per year. Women and other vulnerable groups are disproportionately affected by climate change and disaster events.”
According to Asian Development Bank (ADB), “We are proud to support an integrated and comprehensive approach to climate and disaster risk management, including a portfolio of disaster risk financing instruments for timely and adequate funding for disaster response.”
