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IMF agreed on proposal to spend 1% of GDP annually on climate change

IMF agreed on proposal to spend 1% of GDP annually on climate change

IMF agreed on proposal to spend 1% of GDP annually on climate change

IMF agreed on proposal to spend 1% of GDP annually on climate change

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  • The officials discussed National Clean Air Policy with IMF mission.
  • A plan to get 60% energy from alternative sources by 2030 was shared.
  • Plans to ban 30% of electric vehicles and imported coal by 2030.
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ISLAMABAD: Pakistan has shared a plan to obtain energy from alternative sources with International Monetary Fund (IMF).

According to the sources, the officials of the Climate Change and Planning Commission discussed the National Clean Air Policy with the IMF mission.

Sources say that a plan to get 60 percent of energy from alternative sources by 2030 was shared with the IMF mission, in addition to plans to ban 30 percent of electric vehicles and imported coal by 2030.

Sources said that the proposal to spend one percent of GDP annually on climate change was agreed to by the IMF mission.

According to the sources, the IMF mission was briefed on the Green Energy Mix, Billion Tree Tsunami Project under the Clean Air Policy and it was told that the burning of crop residues is banned to control environmental pollution and under the National Clean Air Policy, Euro 5, Euro 6 transport technology policy is being implemented.

Sources said that in the briefing on increasing credit and other financing options for clean air policy between the federation and the provinces, it was said that preparations are being made for the upcoming Conference of Parties (COP 28) held in the United Arab Emirates.

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Early warning system measures under the National Adaptation Plan were also discussed.

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It should be noted that the IMF delegation is present in Pakistan to review the standby agreement and technical negotiations are ongoing with the country’s authorities.

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