Climate Change to Cost Pakistan Billions by 2050, World Bank Warns

LAHORE: A recent World Bank report, the Country Climate and Development Report, has projected that Pakistan’s GDP could decline by 6.5% to 9% by the year 2050 due to the escalating effects of climate change.

Road safety specialist Tauqeer Ahmed Rana highlighted that Pakistan is already experiencing significant economic losses. “Currently, inefficient urban transport is costing Pakistan approximately 6% of its GDP,” he stated, referencing the World Bank’s findings.

Rana emphasized the importance of enhanced urban transport planning, noting that it would not only boost economic benefits derived from urbanization but also alleviate existing mobility issues.

The World Bank report further indicates that Pakistan requires an investment of $368 billion by 2030 for both climate mitigation and adaptation measures to effectively combat the threats of floods, droughts, and heat waves.

“However, the reality is that despite pledges of billions of dollars, the funds received thus far are primarily in the form of loans, rather than grants. This is exacerbating the economic and financial difficulties faced by developing and underdeveloped nations,” Tauqeer added.