Global climate finance must be faster and more accessible, Aurangzeb tells Riyadh summit

RIYADH: Finance Minister Muhammad Aurangzeb urged global institutions to overhaul slow and bureaucratic climate financing systems, saying vulnerable countries cannot wait years for urgently needed funds. Speaking at a high-level panel during the Global Development Finance Conference – Momentum 2025, he said climate resilience must be mainstreamed into global development finance.

Aurangzeb said Pakistan faces enormous costs of rehabilitation and reconstruction following climate disasters and remains heavily dependent on external financing. He said mechanisms such as the Green Climate Fund and the Loss and Damage Fund suffer from lengthy accreditation processes that hinder timely access for developing economies.

While Pakistan continues allocating domestic resources, international partners and capital markets remain indispensable for its adaptation agenda, he said. The minister called for a pragmatic approach that prioritises deployment of already available resources, while working toward closing the wider financing gap.

He said Pakistan’s relationship with the United States has strengthened in sectors including minerals, mining, AI, blockchain and digital infrastructure. Discussing the Reko Diq copper project, he termed it a transformative development for Pakistan’s economic future. On geopolitical balancing, he said Pakistan is well-positioned to maintain constructive ties with both the US and China while attracting diversified investment.