Islamabad: The government has decided to increase the budget of the Ministry of Climate Change by $11.82 billion to protect Pakistan from the adverse effects of climate change.
This significant budget increase reflects the country’s commitment to environmental sustainability, with a particular focus on the ongoing Green Pakistan program, known as the Ten Billion Tree Tsunami.
The upcoming budget for the 2024-25 fiscal year will see an increase in the Ministry of Climate Change’s development budget from $4 billion to $15.87 billion. This increase is aimed at strengthening efforts to reduce the effects of climate change through various initiatives.
Launched in 2018, the program is an evolution of the previous Ten Billion Tree Tsunami project, which aimed to plant trees and significantly increase forest cover across the country. The total cost of the Green Pakistan project is estimated at $29.56 billion by June 30, exceeding $125 billion. Spending on the project is expected to exceed $45 billion in the next fiscal year.
Apart from the Green Pakistan programme, the new budget will also fund four other projects under the Ministry of Climate Change. Specifically, $100 million has been allocated to increase the ministry’s capacity to effectively manage and implement these initiatives.
The Green Pakistan program, along with the previous Ten Billion Tree Tsunami, formed the basis of the country’s environmental strategy. This initiative aims to reduce the effects of climate change by combating deforestation, promoting biodiversity and increasing the country’s green cover.
A few days ago, Chief Minister Shehbaz Sharif rejected a proposal to increase the tax levied by banks on non-filers ahead of the 2024-25 budget approved by Federal Board of Revenue (FBR) officials. . proposal aimed to increase the tax rate on bank withdrawals to 0.9%.
Currently, people who do not filter are charged a tax of 0.6% on bank withdrawals above this limit. The proposed increase is part of a broader strategy to generate additional revenue, which is expected to generate $20 billion in non-filter revenue.
Climate change budget to be hiked by Rs11.82bn to support green initiatives
