BIPP flags climate risks as real economic threat

The Lahore Chamber of Commerce and Industry (LCCI) hosted the launch of the annual report of the Shahid Javed Burki Institute of Public Policy (BIPP), titled "The State of the Economy: Climate Change – Mediating Chaos and Crisis", focusing on the economic, social and governance challenges posed by climate change in Pakistan.

According to a statement issued on Thursday, the event brought together economists, academics, policymakers, environmental experts, members of the business community and civil society to discuss the country's growing climate vulnerability.

Speaking on the occasion, LCCI President Faheemur Rehman Sehgal said climate change had become one of the most serious and immediate challenges facing Pakistan. He noted that although Pakistan contributes less than 1% to global greenhouse gas emissions, it is among the ten most climate-vulnerable countries in the world.

Referring to recurring floods in recent years, Sehgal said climate-related disasters had caused extensive damage to agriculture, infrastructure and livelihoods, placing a heavy burden on the national economy. Citing World Bank estimates, he said the 2022 floods alone resulted in losses of around $30 billion and led to a significant decline in gross domestic product. He stressed the need for proactive planning, investment in water reservoirs and dams, development of climate-resilient infrastructure and stronger public-private sector collaboration, warning that reactive measures taken after disasters strike are neither sustainable nor sufficient.

Opening remarks were delivered by BIPP Vice Chairman Shahid Najam, while BIPP Chairman Shahid Javed Burki presented an overview of the annual report. Earlier, Shahid Najam said climate change was no longer a distant or theoretical concern but a present reality requiring urgent national attention. Burki observed that weak governance, poor enforcement of environmental laws and a lack of long-term planning had worsened Pakistan's vulnerability to climate shocks, disproportionately affecting the poor and women.