Pakistan faces $2bn losses in climate disasters: ADB

Pakistan faces average annual losses of over $2 billion due to climate disasters, which exacerbate the already high poverty levels, according to the Asian Development Bank (ADB). “As one of the region’s most climate-vulnerable countries, Pakistan suffers average losses from disaster events exceeding $2bn per year, with women and vulnerable groups disproportionately affected,” said the Manila-based lending agency in its Annual Report 2024 released on Thursday. It said the ADB signed a $500 million policy-based loan in 2024 for a programme to boost Pakistan’s capacity for disaster planning, preparedness, and response. The programme supported disaster risk mapping, modelling, and mobilising public and private financing for disaster risk reduction and climate resilience. It will also improve coordination for disaster monitoring and response and utilise ADB’s contingent disaster financing facility for the first time in central and west Asia, providing rapid disbursements in the event of a disaster.