ISLAMABAD:

Federal Minister for Finance Muhammad Aurangzeb on Monday said climate change was an urgent economic reality for Pakistan, reaffirming the government’s commitment to advancing sustainable finance, green taxonomy, and climate-aligned disclosure frameworks.

Stressing the need to support SMEs in formalising their financial reporting practices, he highlighted Pakistan’s proactive regulatory direction in digital assets and emerging technologies, where new institutional frameworks are being established to bring innovation into the formal, transparent, and compliant economy. The finance minister made these observations while talking to a delegation led by International Federation of Accountants (IFAC) President Jean Bouquot.

Aurangzeb appreciated the global role played by IFAC in strengthening the accounting profession, promoting international standards, and advancing transparency and trust in financial reporting.

He noted that Pakistan’s sustainability agenda, climate finance commitments, and green economic initiatives align with the issues raised by the IFAC president. He referred to Pakistan’s acute exposure to climate shocks, highlighting that recent flooding alone was feared to shave half a percentage point from GDP growth.