ISLAMABAD: Prime Minister’s Coordinator on Climate Change Romina Khurshid Alam on Sunday proposed the establishment of a regional Climate Action Data Bank to strengthen evidence-based responses among the Vulnerable Twenty (V20) Group.

According to a statement issued by the ministry, the V20 represented 70 nations most susceptible to climate change impacts.

During a recent meeting with representatives of V20 member countries, the government official pledged Pakistan’s support in setting up this crucial data bank, describing it as a “groundbreaking initiative” to consolidate information on climate risks, economic losses and financial needs.

She emphasised that the proposed platform aimed to empower V20 nations by providing critical data necessary for informed decision-making and mobilising resources from regional and international funding channels.

Romina Alam expressed Pakistan’s willingness to lead the mobilisation of the V20 group in establishing the data bank, highlighting its potential to facilitate targeted climate actions through adaptation and mitigation efforts.

“This central data platform will be essential for strengthening resilience strategies, enhancing risk analysis, and leveraging funding opportunities,” she said in the press statement.

The V20 Group, established in 2015 in Lima, Peru, consisted of finance ministers from countries highly vulnerable to climate change. With over 1.7 billion people represented, these countries faced severe challenges from rising sea levels, extreme weather events and rapid environmental degradation.

Collectively, they accounted for just 5pc of the global carbon emissions but face disproportionate impacts.

Ms Alam emphasised that reliable data access was vital for enhancing climate resilience.

“The proposed V20 Data Bank is a major step forward in safeguarding our communities, economies and infrastructure from climate-related devastation,” she said, adding that the centralised data system would ensure every dollar is spent efficiently and every action is informed by the best available evidence.

According to Alam, the data bank would also help expedite funding flows from sources like the Green Climate Fund, Adaptation Fund and Loss and Damage Fund.

This would break down barriers and allow for faster, more precise disbursement of financial aid to the regions most in need.

She highlighted that the initiative would enhance regional cooperation by enabling the sharing of critical climate-related data and resources, allowing countries like Pakistan, Bangladesh, Nepal, Sri Lanka, and others to develop tailored resilience strategies. Additionally, the pooled data would support joint risk assessments and promote innovative financial mechanisms.

Access to comprehensive data could also assist in negotiating favourable terms with international financial institutions such as the Asian Development Bank, World Bank and International Monetary Fund, paving the way for debt relief or restructuring to alleviate fiscal pressures.

The PM’s aide concluded that a collaborative approach to climate challenges would not only strengthen resilience but also attract investment, fostering sustainable development across the region.

Published in Dawn, October 28th, 2024