Page 9 - CMA Journal (Nov-Dec 2025)

EXCLUSIVE

INTERVIEW

“ At COP30, Pakistan called
for reforms to simplify access to

climate funds such as the Green

Climate Fund, while also

pledging to self-finance disaster
recovery rather than rely solely

on emergency assistance

from abroad . “

Senator Sherry Rehman
Chairperson, Standing Committee on Climate Change &

Environmental Coordination- Senate of Pakistan

ICMA: How can climate finance reach the people ICMA: What does climate justice really mean for
who are hit hardest by floods, droughts and other Pakistan and how should the global community
disasters? share responsibility?

Sherry Rehman: Pakistan’s experience shows that Sherry Rehman: We now all know that climate
money pledged is not necessarily money delivered. After injustice is a lived reality in Pakistan, which contributes
the 2022 floods, billions were pledged at the 2023 less than 1% of global emissions. According to the AIIB
Geneva conference, yet most funds were loans, not Report, Pakistan was ranked 149 out of 187 countries on
grants. At the same time, of Pakistan’s USD 5.3 billion in the ND-GAIN climate vulnerability index. The country
climate finance allocations, large percentages remained experiences an average of seven prolonged heatwaves
undisbursed except in key projects like resilience per year since 1997, while the floods of 2022 displaced
housing, largely due to weak project design, slow millions and, again in 2025, affected 9 million people.
approvals, and bureaucratic delays.
If climate justice is real, then alongside NDCs, we need
To reach people on the ground, projects must Internationally Determined Contributions (IDCs): clear,
demonstrate measurable impact, something financiers transparent commitments from the Global North to the
now explicitly demand due to trust deficits. Key Global South, formally recorded by the UNFCCC. That is
ministries like Planning and Climate Change must ensure what fairness and shared responsibility must look like. To
disbursals and utilisation on time. Funds must also this day, there is no formal definition of climate finance at
prioritise community-scale adaptation in agriculture, the UNFCCC, which means there is always the risk of
housing, water, and health. For the tens of millions double-counting in the “climate” aid delivered to Pakistan.
repeatedly affected, speed, transparency, and local
What are IDCs? They build on exactly the transparency,
delivery matter more than headline pledges.
modalities, and mechanisms that the Global South needs
Proven models matter. The Sindh housing reconstruction to ensure that all commitments on public, private, and
programme succeeded because it had independent blended finance follow through. Pakistan has the right to
governance, transparent audits, and clear beneficiary ask for Internationally Determined Contributions for

outcomes, attracting large-scale financing. financing and must voice its own agenda.

ICMA’s Chartered Management Accountant, Nov-Dec 2025 7