logo
Pakistani province completes first forest carbon mapping, targets $4 billion in credit revenue

Pakistani province completes first forest carbon mapping, targets $4 billion in credit revenue

Arab News5 days ago
PESHAWAR: Pakistan's northwestern Khyber Pakhtunkhwa (KP) government on Thursday announced it had completed its first forest carbon credit mapping, saying that projects on over two million hectares of land can be used to generate $4 billion in revenue and create over 50,000 jobs.
Carbon credits are permits that allow owners— governments or companies— to emit a certain amount of carbon dioxide or other greenhouse gases (GHGs). The United Nations allows polluting companies or countries to buy carbon credits to offset their emissions. These credits can be sold in international carbon markets.
Forest carbon credit mapping refers to the process of using satellite images, drones, and data to measure the forest land of a particular area. This estimates how much carbon the trees in that given area are absorbing. This data is then used to identify areas where projects can be launched to earn carbon credits.
A ceremony was held at the Chief Minister's House in Peshawar to mark the launch of KP's first Forest Carbon Credit Mapping Report, the chief minister's office said in a statement. The report was launched by Chief Minister Ali Amin Gandapur.
'Through this mapping, done with the help of modern technology, ten potential projects covering 2.2 million hectares of forest land in the province have been identified,' the statement said.
'These projects can absorb more than 400 million tons of carbon,' the statement added.
The report further said these projects can earn a revenue of $4 billion and create over 50,000 green jobs. Meanwhile, Gandapur said the mapping will serve as a 'comprehensive model' for the province's environmental, economic, and social development.
'The forest area of Khyber Pakhtunkhwa makes up 46 percent of the country's total forested area,' Gandapur was quoted as saying in the statement. 'The forests of the province have the capacity to absorb 50 percent of the country's carbon.'
The KP chief minister said the provincial government is expected to earn $100 million annually from carbon credits. He said the KP government is undertaking efforts to further increase the forest area of the province.
Pakistan is consistently ranked as one of the world's worst-affected countries due to climate change. Monsoon rains in the country since June 26 alone have killed around 190 people and injured several others.
Unusually heavy rains triggered flash floods in June 2022 that killed over 1,700 people and caused damages of over $33 billion, with large swathes of crops and critical infrastructure destroyed by raging currents.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

UN backs peaceful dispute resolution as Pakistan slams India over water treaty suspension
UN backs peaceful dispute resolution as Pakistan slams India over water treaty suspension

Arab News

time7 hours ago

  • Arab News

UN backs peaceful dispute resolution as Pakistan slams India over water treaty suspension

ISLAMABAD: The United Nations Security Council on Tuesday unanimously adopted a resolution calling on member states to use peaceful means, including negotiation, mediation and judicial settlement, to resolve disputes, as Pakistan accused India of undermining a landmark water-sharing agreement. Signed in 1960 with World Bank mediation, the Indus Waters Treaty governs the distribution of the Indus River and its tributaries between India and Pakistan, two nuclear-armed neighbors with a history of conflict. Despite strained bilateral relations over the decades, the treaty has been regarded as one of the most resilient diplomatic frameworks in South Asia. Speaking at the UNSC's open debate, Pakistan's Deputy Prime Minister and Foreign Minister Ishaq Dar said the 65-year-old Indus Waters Treaty remained a 'noteworthy example of dialog and diplomacy working for peacefully arriving at a water-sharing arrangement between two neighbors.' 'The treaty has withstood periods of trials and tribulations in bilateral relations,' Dar said. 'It is most unfortunate and regrettable that India has chosen to illegally and unilaterally hold this treaty in abeyance on baseless grounds with the intention of withholding the flow of water to 240 million people of Pakistan, who rely on it for their livelihood and survival.' Dar's remarks came as the Security Council adopted a resolution reaffirming the importance of peaceful dispute resolution mechanisms, with all 15 of the Council's members voting in favor. The resolution encourages states to make full use of existing mechanisms such as 'negotiation, mediation, arbitration, judicial settlement or other peaceful means,' in accordance with the UN Charter. India decided to hold the IWT treaty 'in abeyance' after a militant attack in Indian-administered Kashmir killed 26 people in April. New Delhi blamed Pakistan for being behind the attack and announced a slew of punitive measures, including suspending the water sharing pact. Pakistan denies involvement in the assault and has called for an independent international investigation. The IWT ensures water supply for 80 percent of Pakistani farms. Pakistan has previously warned that the treaty contains no provision for unilateral withdrawal and any attempt to block or stop river water flowing into the country would be considered 'an act of war.' In May, weeks after the April attack, the most intense India–Pakistan military confrontation in decades ensued, involving a series of drone, artillery and missile strikes before a ceasefire was brokered by the US on May 10.

Pakistan grants first digital-only license to non-life insurer in regulatory first
Pakistan grants first digital-only license to non-life insurer in regulatory first

Arab News

time9 hours ago

  • Arab News

Pakistan grants first digital-only license to non-life insurer in regulatory first

KARACHI: Pakistan's top financial regulator has issued the country's first-ever digital-only license to a non-life insurer, allowing Karachi-based Digi Insurance Limited to operate entirely without a physical branch network, the Securities and Exchange Commission of Pakistan (SECP) said on Tuesday. The license enables Digi Insurance to sell general insurance products — such as motor, health and travel coverage — through a fully digital platform, with no in-person interaction or branch infrastructure required. The approval marks a regulatory milestone for Pakistan's insurance industry as it seeks to modernize and improve accessibility. 'This development reflects SECP's broader objective of enabling financial inclusion through responsible innovation and encouraging customer-centric, tech-enabled insurance solutions,' the commission said in a statement. The SECP said the approval was granted under a revised regulatory framework aimed at supporting new business models and encouraging the use of technology in insurance distribution, policy issuance and claims processing. The Pakistani financial regulator said it expects the move to promote competition, expand access to underserved markets and encourage further innovation across the sector. It also maintained digital models offer a scalable, cost-effective alternative that could help close Pakistan's insurance gap.

Pak-Qatar Asset Management reports 117% growth in assets for FY2025
Pak-Qatar Asset Management reports 117% growth in assets for FY2025

Arab News

time9 hours ago

  • Arab News

Pak-Qatar Asset Management reports 117% growth in assets for FY2025

KARACHI: Pak-Qatar Asset Management Company (PQAMC) said on Tuesday its assets under management (AUM) rose by 117% in the financial year ending June 30, citing growing demand for Shariah-compliant investment products in Pakistan. The company is part of the Pak-Qatar Group, a joint venture backed by Qatari and Pakistani investors focused on the development and promotion of Islamic finance. It said the surge in AUM, which refers to the total market value of client investments it oversees, was driven by consistent fund performance, increasing investor confidence and a broader client base across both retail and institutional segments. The growth reinforces the company's position among the fastest-expanding Islamic asset managers in the country. 'We are humbled by the trust placed in us by our investors, which has enabled us to achieve this tremendous growth,' its chief executive officer, Farhan Shaukat, said in a statement. 'This success is a testament to our unwavering focus on delivering sustainable and Shariah-compliant investment avenues that meet the evolving financial aspirations of our clients.' Following its recent performance, the company said it aims to further strengthen its position by offering innovative Islamic investment solutions tailored to a range of financial goals. It maintained its strategy remains anchored in ethical wealth creation, sound governance and disciplined portfolio management in accordance with Islamic principles. The company has expanded its reach in recent years by diversifying its product offerings and investing in client education around Islamic financial planning. It now manages a growing suite of funds catering to both conservative and growth-oriented investors seeking faith-based alternatives in a volatile economic environment. The company's performance comes amid increasing interest in Islamic finance across Pakistan's investment landscape, with regulatory support and shifting investor preferences driving demand for Shariah-aligned mutual funds and retirement products. The company said it would continue to build on its momentum by enhancing digital accessibility, improving client engagement and launching new funds in response to market trends and participant needs.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store