Pakistan, ADB eye carbon markets as next frontier for green growth
Authorities in Islamabad and the Asian Development Bank (ADB) have agreed to chart a collaborative strategy on carbon markets and climate innovation.
The development came during a meeting between Federal Minister for Climate Change and Environmental Coordination, Dr Musadik Malik, with a high-level delegation of the ADB, led by Toru Kubo, Senior Director of Climate Change and Sustainable Development (CCSD), to explore collaborative opportunities in carbon markets and forge the path for a new climate strategy grounded in economic and environmental synergy.
According to a statement released by the Ministry of Climate Change, the meeting marked a significant step forward in aligning Pakistan's national climate strategy with international best practices and market-driven climate finance solutions.
Pakistan receives $500 million from ADB for climate programme
'Both sides agreed to formulate a comprehensive, mutually aligned climate change strategy, with a specific focus on carbon credit mobilisation, climate innovation, and outcomes-based project implementation,' read the statement.
During the meeting, Malik assured ADB of full ministerial cooperation and hands-on involvement in the formulation of the strategy, emphasising that it must remain impact-driven, transparent, and results-oriented.
Toru Kubo reiterated ADB's strong support, noting that the bank continues to assist its Developing Member Countries (DMCs) by catalysing investments in low-carbon technologies, advancing carbon finance readiness, and enhancing the ability of countries like Pakistan to access and benefit from global carbon markets.
The two sides also discussed how Pakistan can strategically link Sustainable Development Goals (SDGs) to its carbon finance agenda, thereby transforming climate action into a source of economic strength and international credibility.
'As global interest in carbon markets surges, Pakistan is poised to become a regional pioneer by strategically positioning itself in this evolving financial ecosystem,' read the statement.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
a day ago
- Business Recorder
Rs500m loss inflicted on national exchequer? Senate body raises questions over role of Nespak, NTDC
ISLAMABAD: The Senate Standing Committee on Economic Affairs raised serious questions over the role of National Engineering Services Pakistan (Pvt) Limited (Nespak) and National Transmission and Dispatch Company (NTDC) in awarding the bid to the third lowest, causing Rs500 million loss to the national exchequer. The committee met with Saifullah Abro in the chair here on Thursday for further discussion on the recommendation made after detailed deliberations in the committee's previous meetings concerning the EAD and its related departments (NTDC projects including 765Kv Dasu-Islamabad Transmission Line project (LoT-I-LoT-IV) upto date progress, expenditure and briefing through MD, Nespak on ADB 401B-2022 LoT-II A(ACSR Bunting Conductor) regarding inquiries reports. The committee's chairman remarked that it was a matter of great embarrassment that Nespak, a national institution responsible for technical evaluations, failed to prevent such a decision. It was Nespak's responsibility to ensure proper verification, because Nespak's role is to scrutinise the document, he stated. Senator Abro highlighted that the 'contract is not awarded to the deserving by which the Rs500 million of the country could have saved.' He noted that 'the company to which the project was awarded Newage, Lahore, lacked the relevant experience, while expressing serious concern that this type of negligence cannot be ignored.' Senator Abro stated that the matter will be pursued through the relevant forums like, the Federal Investigation Agency (FIA), the Public Accounts Committee (PAC), and the National Accountability Bureau (NAB) to ensure that the public funds are recovered. He also recommended that strict action should also be taken against the involved officers. Referring to legal inconsistencies, he questioned 'if Public Procurement Regulatory Authority (PPRA) laws are not applicable in the case of domestic preference, and how can a letter from the Asian Development Bank (ADB) be considered valid?' He recalled that during the previous meeting, three written letters were presented by the caretaker minister, which further raised serious questions regarding the transparency of the process. When the committee sought further details, it was informed that all relevant data from the Engineering Development Board (EDB) had been destroyed in a fire, and only one verified letter was presented before the committee. Senator Kamal Ali Agha inquired whether an inquiry was conducted following the fire incident. The concerned department stated that no inquiry had been carried out. The chairman committee, recommended that a formal inquiry be conducted into the fire incident and that strict action be taken against those found responsible, including officers from the Power Division. During the committee meeting, a discussion was held regarding where the department conducts testing, which institutions are responsible, and where laboratories are located in Pakistan. The department informed the committee that type testing is conducted internationally and not within Pakistan. It was further stated that the type test for the current year, 2024, was conducted in Hungary. The chairman inquired about who the witness to the test? The department told that the witness was not verified. They also stated that, according to a 2023 policy, having a witness was not a mandatory requirement by the consultant. However, after detailed discussion, it was revealed that no such policy had been formulated. The chairman committee strongly remarked that no valid testing had been conducted and an attempt was made to mislead the committee, which amounted to fraud. The chairman asked whether any recovery of the misused funds had been made, to which the department responded that a letter had been written to NTDC regarding the matter. The chairman committee recommended that all the involved companies be blacklisted, the misappropriated funds be recovered, and that the officers involved be terminated from service. Furthermore, he recommended that the recovered amount should be deducted from the salaries of the responsible officers. The committee also inquired about the report and minutes of the 282nd Board meeting, as well as the letter issued by the NTDC Board. It was noted that while the minutes of the committee meeting were dated 24th December 2024, the Board was required to submit its report within 15 days. However, the BOD has submitted after six months. Meanwhile, the committee remarked that the Board itself is violating its own letter and treating the amount of Rs1.28 billion as insignificant. The chairman recommended that strict action be taken against the Board and that the amount be recovered within two weeks. Copyright Business Recorder, 2025
Express Tribune
a day ago
- Express Tribune
Pakistan, ADB push for climate strategy tied to carbon markets
Minister of State for Petroleum Dr Musadik Malik addressing a press conference in Islamabad on December 5, 2022. PHOTO: PID Listen to article Federal Minister for Climate Change and Environmental Coordination, Dr Musadik Malik, met with an Asian Development Bank (ADB) delegation led by Toru Kubo, Senior Director for Climate Change and Sustainable Development (CCSD), to explore collaboration in carbon markets and shape a new climate strategy. According to a press release issued Thursday, both sides agreed to formulate a comprehensive, impact-driven strategy with a focus on carbon credit mobilisation, climate innovation, and outcomes-based project implementation. Malik assured ADB of full ministerial cooperation and active engagement in the strategy's development. Kubo reaffirmed ADB's support, highlighting the Bank's efforts to help Developing Member Countries invest in low-carbon technologies, boost carbon finance readiness, and access international carbon markets.
Business Recorder
2 days ago
- Business Recorder
Pakistan, ADB eye carbon markets as next frontier for green growth
Authorities in Islamabad and the Asian Development Bank (ADB) have agreed to chart a collaborative strategy on carbon markets and climate innovation. The development came during a meeting between Federal Minister for Climate Change and Environmental Coordination, Dr Musadik Malik, with a high-level delegation of the ADB, led by Toru Kubo, Senior Director of Climate Change and Sustainable Development (CCSD), to explore collaborative opportunities in carbon markets and forge the path for a new climate strategy grounded in economic and environmental synergy. According to a statement released by the Ministry of Climate Change, the meeting marked a significant step forward in aligning Pakistan's national climate strategy with international best practices and market-driven climate finance solutions. Pakistan receives $500 million from ADB for climate programme 'Both sides agreed to formulate a comprehensive, mutually aligned climate change strategy, with a specific focus on carbon credit mobilisation, climate innovation, and outcomes-based project implementation,' read the statement. During the meeting, Malik assured ADB of full ministerial cooperation and hands-on involvement in the formulation of the strategy, emphasising that it must remain impact-driven, transparent, and results-oriented. Toru Kubo reiterated ADB's strong support, noting that the bank continues to assist its Developing Member Countries (DMCs) by catalysing investments in low-carbon technologies, advancing carbon finance readiness, and enhancing the ability of countries like Pakistan to access and benefit from global carbon markets. The two sides also discussed how Pakistan can strategically link Sustainable Development Goals (SDGs) to its carbon finance agenda, thereby transforming climate action into a source of economic strength and international credibility. 'As global interest in carbon markets surges, Pakistan is poised to become a regional pioneer by strategically positioning itself in this evolving financial ecosystem,' read the statement.
