Pakistan Got Least Climate Financing In Last 10 Ten Years: ADB

According to the report, the Maldives received the highest share of climate finance in total lending

Pakistan Got Least Climate Financing In Last 10 Ten Years: ADB

According to an impartial evaluation study by the Asian Development Bank (ADB) on climate change from 2011 to 2020, Pakistan has received the least amount of climate financing—just 5 percent—over the past ten years.

The report was based on an evaluation completed in the previous ten years, with the Maldives taking the top rank by securing 39 percent of the entire amount of funds available. India, meanwhile, received 20 percent in climate financing.

The study, which was based on case studies from 10 countries, noted that the Maldives had the greatest proportion of climate money among all loans.

Pakistan earned the smallest percentage (5 percent) at the other end of the spectrum. In terms of the number of projects, India, which nearly attained the 75 percent objective, came in first with a percentage of climate-tagged projects to total projects that was greatest, followed by the People's Republic of China (PRC) (65 percent) and Bangladesh (64 percent). According to the research, 55 percent of all projects across the 10 countries were climate-tagged.

Over the review period, ADB's climate finance rose considerably in terms of value and the number of projects, reaching a total of $40.2 billion. The $348.8 billion in total ADB funding from 2011 to 2020, which included $40.2 billion in climate finance, represents 12 percent of that amount. Support for sovereign activities accounted for 79 percent of the portfolio, while non-sovereign operations made up 21 percent.

Due to COVID-19, annual climate finance decreased from $7.0 billion in 2019 to $5.3 billion in 2020, up from $2.7 billion in 2011. From 58 percent of projects in 2011 to 92 in 2020, the number of projects with climate funding components climbed by about 60 percent.

A total of 18 climate-tagged initiatives were thought to have addressed the COVID-19 pandemic, the majority of which (67 percent) were adaptation financing. Geographically, South Asia got the most assistance ($15.7 billion, or 39 percent of the total), while the Pacific region received the least ($942 million, or 2 percent). India and the PRC accounted for 42 percent of all financing at the national level, with India receiving the highest amount ($9.7 billion, or 24 percent) and the PRC receiving the second-largest ($7.4 billion, or 18 percent).