Pakistan to Tap Global Green Financing Instruments
Islamabad: According to news reports, the federal government has begun working on green funding initiatives.
The Water and Power Development Authority (WAPDA) issued 500 million dollars in green Eurobonds to finance environmentally friendly projects. In an interview with the media, Malik Amin Aslam, Special Assistant to the Prime Minister on Climate Change, disclosed that the green bond was six times oversubscribed.
He also stated that the government intends to fund transportation and construction projects with green bonds.
In addition, the government has completed testing of blue bonds that will be used for ecotourism and fishing. To go a step further, the government, with the help of the World Bank, launched the first blue carbon estimation project (WB).
According to reports, Pakistan intends to create a “Nature Performance Bond” that will provide the country with easy access to development funds and debt relief in exchange for achieving ecological restoration goals.
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