Pakistan Joins 5 Countries in New COP31 Bridge Program - ProPakistani
Pakistan has been selected among the first five pilot countries for a new COP31 initiative aimed at helping developing countries turn climate commitments into finance-ready projects.
The COP31 Presidency announced Ethiopia, Fiji, Indonesia, Pakistan and Uzbekistan as the initial pilot countries for its Climate Implementation Bridge, or BRIDGE, initiative at New York Climate Week.
The initiative is being launched in partnership with the United Nations Development Program and is designed to bridge the gap between climate ambitions and the financing needed to implement them by developing bankable project pipelines and strengthening national capacity.
For Pakistan, which faces major climate risks including floods, drought, heatwaves and water stress, the initiative offers an opportunity to better connect climate and development priorities with international financing.
The COP31 Presidency said the pilot countries would develop country-led pathways linking climate finance with investment-ready projects and national development targets.
The experience gained from the first group will later be used to expand the initiative to other developing countries, Small Island Developing States and Least Developed Countries.
The BRIDGE initiative will also help identify implementation bottlenecks, improve investment readiness and strengthen access to the existing international climate support system.
In a related development, the COP31 Presidency launched the Sustainable Urban Resilience Financing Facility, or SURFF, in partnership with ILBANK, UN-Habitat and the World Bank.
The facility is intended to address gaps in urban climate finance in low- and middle-income countries as they implement their Nationally Determined Contributions and National Adaptation Plans.
It aims to help countries and cities turn climate commitments into investment programmes and finance-ready projects that address local resilience needs, while also mobilising public and private financing and strengthening implementation capacity at the local level.
SURFF will operate through three main pillars: the Resilient Cities Country Platform, the Resilient Cities Centre of Excellence and the International Resilient Cities Dialogue.
TΓΌrkiyeβs Minister for Environment, Urbanization and Climate Change Murat Kurum said climate ambitions cannot be achieved without adequate financing.
He said climate plans must be turned into investable projects and matched with suitable financing.
The COP31 Presidency said the initiatives are part of a broader Action Agenda focused on accelerating implementation of climate commitments, following earlier announcements including the 35-by-35 Global Electrification Pledge and a new initiative on climate-responsible artificial intelligence.
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