WB hails Pakistan as world's leader on climate action

ISLAMABAD: Pakistan achieved the highest climate co-benefits (CCBs) in the world during the fiscal year 2021 through a number of mega initiatives to tackle climate change, it was acknowledged by the World Bank in its latest report.

Taking to Twitter, WB Country Director to Pakistan Najy Benhassine commented: "Pakistan shows the way on Climate Action" "World Bank new engagements in #Pakistan in FY21 had highest climate co-benefits(CCBs) in the world, in terms of absolute value,& highest in South Asia as a % of new commitments," he wrote.

Climate co-benefits (CCBs) refer to the share of the World Bank's lending commitments that contributes to the climate action. Benhassine added that a total of "US$ 1.635 billion CCBs were achieved in Pakistan in FY21 which represent 44pc of the total US$ 3.696 billion IDA/IBRD financing approved for the country in FY21". Out of these CCBs, 61% will contribute towards mitigation while 39% are tagged for adaptation measures, he said. "The World Bank is committed to support the Government of Pakistan's ambitious climate agenda," he concluded.

Reacting to the World Bank's report, Special Assistant to Prime Minister on climate change Malik Amin Aslam in a video said that the climate vision of Pakistan under the leadership of Prime Minister Imran Khan is about "real concrete action on the ground". He said that the World Bank data clearly showed that Pakistan is leading the world on climate action not just climate talk.

The International Monetary Fund (IMF) has asked Pakistan to withdraw around Rs300 billion sales tax exemptions to qualify for the next loan tranche of $1 billion, taking the demand for the additional revenue requirements to over Rs525 billion.

The tax authorities have shown willingness to take back nearly Rs260 billion sales tax exemptions as a quid pro quo for not imposing additional income taxes on the salaried class, government sources told.