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Finance Minister Muhammad Aurangzeb has rightly sounded the alarm, identifying climate change as an “existential” threat that could derail Pakistan’s economic ambitions. The nation is consistently ranked among the most vulnerable to climate change by various academic and research groups, and has been paying a heavy price, with disrupted water cycles impacting crop yields and food production for millions.
In the last decade or so, we have seen once-in-a-lifetime floods occurring every couple of years.
But the minister, like many others in high offices over the years, was light on solutions to the problem. Indeed, the government’s chronic failure has been its inability to move beyond identifying the problem to offering and executing workable, self-financable solutions. Pakistan’s populace contributes less than 1% to global greenhouse gas emissions – a fact that government officials also make sure to include in every speech – but our own investment in climate change adaptation is arguably not even at the 1% level.
Any path forward requires a decisive pivot from rhetoric to implementation. Solutions exist, but they demand political will and smart financing. First, the energy crisis must be tackled. Pakistan’s power sector remains both unreliable and unaffordable, with households spending about 17% of their income on electricity – among the highest in the region. Due to cost-cutting and austerity, governments keep investing in coal and other polluting energy sources, instead of exploiting renewable sources. Second, domestic financing must be prioritised, especially at a time when many foreign investors are refusing to enter Pakistan, while others are leaving. Domestic investors are more likely to see projects through because they also have direct ties to local communities.
At this point, even a blind sailor can see the storm Pakistan faces. What we need is a captain to steer the ship to safety.
