After UAE, Saudi Arabia expansion, Pakistan’s ABHI acquires FINCA microfinance bank

ISLAMABAD: Pakistan’s federal cabinet on Thursday ratified the charter of the Middle East Green Initiative, announced in 2021 by Saudi Crown Prince Mohammed bin Salman with the aim to secure over $10.4 billion for an investment fund and clean energy project as part of efforts to reduce regional carbon emissions.
At the time of the plan’s announcement, the crown prince said the Kingdom, which is the world’s top oil exporter, would contribute 15% of the funds and would work with other states and development funds on the funding and execution of the initiatives. The Middle East Green Initiative aims to reduce carbon emissions from regional hydrocarbon production by more than 60%. It also plans to plant 50 billion trees across the Middle East and restore an area equivalent to 200 million hectares of degraded land. The initiative will help reduce global carbon levels by 2.5%.
“The federal cabinet ratified the charter of the Middle East Green Initiative on the recommendation of the Ministry of Climate Change,” a statement released by the office of Pakistani Prime Minister Shehbaz Sharif said. 

“The meeting was informed that Pakistan is one of the founding members of the said charter. Under this initiative, 200 million hectares of land area will be restored and 50 billion trees will be planted.”
Climate change is a major issue in Pakistan, causing extreme weather, droughts and rising temperatures. Although Pakistan contributes only about 0.88% of the world’s greenhouse gas
emissions, it is the fifth most vulnerable country to climate change.
Pakistan has experienced significant temperature increases over the past few decades. The average annual temperature has increased by about 0.5°C since the 1960s. By 2050, it is projected that the average temperature will rise by an additional 1.3°C to 1.5°C.
Over the past years, the intensity of climate-induced disasters in Pakistan has significantly increased. With over 1,700 deaths and 12,000 injuries, the World Bank reported the economic losses and reconstruction in flood-hit areas of Pakistan in 2022 to be over $40 billion.
An increase is also projected in the number of people affected by flooding, with a likely increase of around 5 million people exposed to extreme river floods by 2035–2044, and a potential increase of around 1 million annually exposed to coastal flooding by 2070–2100.
Rainfall patterns are becoming increasingly erratic. While annual precipitation is expected to decrease in some regions, others may see more intense and unpredictable rainfall events. This variability is already contributing to extreme weather events like floods and droughts.
The World Bank estimates that the combined risks of extreme climate-related events, environmental degradation, and air pollution are projected to reduce Pakistan’s GDP by at least 18 to 20% by 2050, which will stall progress on economic development and poverty reduction.

ISLAMABAD: Pakistan’s Foreign Office on Thursday said a proposal by United States (US) President Donald Trump to displace the people of Gaza was “deeply troubling” and “unjust.”

Trump last week told reporters that it was time to “clean out” the besieged Gaza Strip, urging the leaders of Jordan and Egypt to take in Palestinians from Gaza, either temporarily or permanently.

The statement came as a fragile ceasefire and hostage release deal between Israel and Hamas took effect, pausing more than 15 months of war.

Trump’s proposal was roundly rejected by Palestinian authorities, Egypt and Jordan, while the Arab League warned against any “attempts to uproot the Palestinian people from their land.”

“The proposal to displace the people of Gaza is deeply troubling and unjust,” Shafqat Ali Khan, a spokesperson for the Pakistani Foreign Office, told reporters at a weekly press briefing in Islamabad.

“The Palestinian land belongs to the Palestinian people, and the only viable and just option is the two-state solution, according to the UN Security Council resolution.”

Pakistan does not recognize nor have diplomatic relations with Israel and calls for an independent Palestinian state based on “internationally agreed parameters.”

The South Asian country has dispatched several relief consignments for Gaza and has previously called for a “concrete plan” to rebuild the territory, following a ceasefire between Israel and Hamas.

During the press briefing, the Foreign Office spokesperson also spoke about a second round of Pakistan-Qatar bilateral consultations in Doha on Feb. 5.

“The deputy prime minister [and] foreign minister, Senator Mohammad Ishaq Dar, will lead Pakistan delegation,” he said. “And besides the dialogue, the deputy prime minister [and] foreign minister will also interact with the Qatari leadership.”

The development comes months after Prime Minister Shehbaz Sharif visited Qatar in Oct. 2024 to bolster economic cooperation between the two countries. In 2022, the Qatar Investment Authority committed $3 billion for projects in

Pakistan, spanning airport management, renewable energy and hospitality.

“The leaders reviewed the entire spectrum of Pakistan-Qatar relations, exploring potential avenues for enhanced cooperation in trade, potential areas of investment, energy, and culture,” Sharif’s office said at the time.

About the repatriation of 22 Pakistani survivors of a boat capsize off Morocco, the Foreign Office spokesperson shared that the first batch of Pakistani nationals, who survived the incident, had arrived in the country, without sharing the number of repatriated Pakistanis.

The boat capsized near Morocco’s coast on Jan. 15 while carrying 86 migrants, including 66 Pakistanis, according to migrant rights group Walking Borders.

“I can inform you today the first batch has arrived through two flights in Islamabad. The Pakistan Embassy in Rabat is in close coordination with Moroccan authorities to oversee the relief effort and finalize the complex repatriation procedure,” he said.

“The welfare of Pakistani nationals abroad remains an important priority of the government and it will continue to work to extend all possible facilitation in this regard.”