Islamabad:

The Senate Standing Committee on Climate Change on Thursday emphasized the urgent need for innovative climate financing solutions to tackle Pakistan’s growing environmental challenges.

The meeting, who met with Senator Sherry Rehman, in the chairman, who focused on bridging the staggering funding gap of $ 340 billion required for climate insurance, promoting the electric vehicle (EV) policy and addressing bureaucratic obstacles in access to climate. .

Finance Minister Muhammad Aurangzeb emphasized the need for a structured approach that incorporated key activists such as National Adaptation Plan and National Climate Finance Strategy.

“Green technology is crucial to sustainability, but clear definitions and parameters are important for effective monitoring and reporting,” he said.

He also noticed ongoing discussions with the IMF during the expanded fund facility, where about $ 1 billion is expected.

However, bureaucratic inefficiencies continue to prevent access to climateconducts and emphasize the need for streamlined processes.