Pakistan selected for COP31 initiative

Pilot countries to develop pathways for climate finance Pakistan has been selected among the first five pilot countries for a new COP31 initiative aimed at helping developing countries translate their climate commitments into finance-ready projects, a move that could support Islamabad's efforts to mobilize international financing for its climate and development priorities. The COP31 presidency announced Ethiopia, Fiji, Indonesia, Pakistan and Uzbekistan as the initial pilot countries for its Climate Implementation Bridge (BRIDGE) initiative at New York Climate Week, as part of an implementation-focused agenda ahead of the UN climate summit to be held in Antalya, Türkiye, in November. The initiative, being delivered in partnership with the United Nations Development Programme (UNDP), seeks to bridge the gap between countries' climate ambitions and the financing required to implement them by developing bankable project pipelines and strengthening national capacity. For Pakistan, which faces significant climate-related risks including floods, droughts, heatwaves and water stress, the initiative provides a platform to better connect its climate and development priorities with international financing opportunities. The COP31 Presidency said the pilot countries would develop country-led pathways linking climate finance with investment-ready projects and national development targets. Experience from the initial group would subsequently inform the expansion of the initiative to other participating countries, particularly developing countries, Small Island Developing States and Least Developed Countries. The BRIDGE initiative will also seek to identify implementation bottlenecks, strengthen countries' investment readiness and improve access to the existing international climate support system. In a related development, the COP31 Presidency launched the Sustainable Urban Resilience Financing Facility in partnership with ILBANK, UN-Habitat and the World Bank.