We study pulsed second harmonic generation in metamaterials under conditions of significant absorption. Tuning the pump in the negative index range, a second harmonic signal is generated in the positive index region, such that the respective indices of refraction have the same magnitudes but opposite signs. This insures that a forward-propagating pump is exactly phase matched to the backward-propagating second harmonic signal. Using peak intensities of ~500 MW/cm(2), assuming chi((2))~80pm/V, we predict conversion efficiencies of 12% and 0.2% for attenuation lengths of 50 and 5microm, respectively.