Karachi, October 2023 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, CEO NDRMF, said “The overarching objective of the seminar is to build understanding within the Private Sector regarding Carbon Markets, exploring their potential role, and devising a roadmap for timely engagement ultimately leading towards protection against adverse impacts of climate change”. Highlighting the outcomes of such events, Mr. Anwar said “Carbon Markets are globally recognized mechanism for carbon financing and meeting mitigation action in a cost efficient manner. Pakistan can benefit from tapping into Carbon Markets, such as voluntary emissions trading schemes, which would enable Pakistan to unlock private finance via carbon credits”.
Ali Tauqeer Sheikh, Climate Change Specialist & NDRMF Board Director applauded the role of NDRMF in conducting such events and said that for carbon markets to be successful, these issues must be addressed. Emission reductions and removals must be real and aligned with the country’s 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 against any adverse project impacts and to promote positive ones.
Varous organizations shared their initiatives and thoughts towards reduction in carbon emissions and leveraging carbon markets. Representatives from Engro Founndation, Shell, Serena Hotels, Pakistan Business Council, K-electric, iTecknologi, Daraz, National Insurance Company Ltd, Loreal Pakistan, Artistic Milliners, Baig group, Amreli Steels Ltd., Strategic Initiative, Control Union Pakistan, Pakistan Business Council and Utopia shared their initiatives and how are they leveraging Carbon Markets.
Fawad Soomro, CEO Engro Foundation appreciated the role of NDRMF in providing such platform and stressed on the need of capacity building and research to effectively address the challenges in the carbon projects. He said we believe in Public Private Partnerships and have very keen interest in the environment.
Saad Ahmed, Country Lead Business development & New Ventures Shell highlighted the need of NGOs and development sector organizations to work on this issue. He further said that Shell is the largest investor in nature based solutions and all sectors including government, development sector, academia etc should work together for capacity building in this regard.
Nazish Shekha, Head of Initiative CERB, Pakistan Business Council highlighted how Pakistan can unlock private finance via carbon markets. She said this event marks a crucial step towards fostering collaboration and shaping the future of carbon markets in Pakistan.
Participants gained insights into Pakistan’s commitment to climate change mitigation, the role of carbon markets, potential sectors for carbon trading, and case studies showcasing successful carbon projects within the country.
