KARACHI: In order to engage effectively with the Private Sector and other relevant stakeholders to further enhance its efforts of resilience building against natural disasters and long-term climate change adverse impacts, the National Disaster Risk Management Fund (NDRMF) organized a seminar in Karachi.
The seminar, titled “Leveraging Carbon Markets to enable Private Investment,” addressed critical topics such as the current state of climate change in Pakistan, the understanding of carbon markets, major challenges, Road map for future and the opportunities they present for the Private Sector. By identifying potential sectors for carbon trading and exploring the role of the Private Sector, the event aims to bridge the gap in understanding the challenges, barriers, and international collaborations in the realm of carbon markets.
The seminar invited participation from a diverse audience, including the Private Sector, Government officials, UN agencies, Project Developers, Industry leaders, Environmental organizations, Academics, and Climate change enthusiasts. Besides speeches, panel discussions were also organized on the topics of “Climate Change & Carbon Marketing” and “Carbon Market Potentials for Private Sector” in which representatives of national and international development sector organizations, Corporate Sector Organizations and Business owners.
Bilal Anwar, Executive Director of NDRMF, said: “The overarching goal of the workshop is to increase private sector understanding of carbon markets, explore their potential role and develop a roadmap Timely engagement process leads to protection against the negative impacts of climate change. » . Highlighting the outcomes of such events, Mr. Anwar said: “The carbon market is a globally recognized mechanism to finance carbon and implement mitigation measures in a cost-effective manner. fee. Pakistan can benefit from leveraging carbon markets, such as voluntary emissions trading schemes, which allow Pakistan to tap into private financing through carbon credits.”
Ali Tauqeer Sheikh, climate change expert and board director of NDRMF, praised NDRMF’s role in promoting such events and said that for carbon markets to be successful, the This must be resolved. Emissions reduction and elimination must be realistic and consistent with nationally determined contributions. There must be transparency in the institutional and financial infrastructure for carbon market transactions and there must be adequate social and environmental safeguards to mitigate any negative impacts of the project and promote positive impacts.
Various organizations shared their initiatives and thoughts on reducing carbon emissions and leveraging carbon markets. Representatives from Engro Foundation, Shell, Serena Hotels, Pakistan Business Council, K-electric, iTecknologi, Daraz, National Insurance Company Ltd, Loreal Pakistan, Artistic Milliners, Baig group, Amreli Steels Ltd., Strategic Initiatives , Control Union Pakistan, Pakistan Business Council and Utopia shared their initiatives and how they are leveraging the carbon market.
Fawad Soomro, Executive Director of Engro Foundation, appreciated the role of NDRMF in providing such a platform and emphasized the need for capacity building and research to effectively address the challenges of carbon project. We believe in public-private partnerships and are very concerned about the environment,” he said.
Saad Ahmed, Country Manager for Business Development and New Enterprise Shell emphasized the need for NGOs and organizations in the development sector to address this issue. He added that Shell is the largest investor in nature-based solutions and all sectors including government, development sector, academia and more. should work together to build capacity on this issue.
Nazish Shekha, Head of the CERB Initiative at the Pakistan Business Council, highlighted how Pakistan can tap into private finance through the carbon market. She said the event marks an important step towards promoting cooperation and shaping the future of carbon markets in Pakistan.
Participants gained a better understanding of Pakistan’s commitment to mitigating climate change, the role of carbon markets, potential areas for carbon trading, and case studies showing projects carbon success in this country.