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Express Tribune
3 days ago
- Business
- 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.
Arab News
3 days ago
- Business
- Arab News
Pakistan eyes carbon market partnership with ADB to advance climate goals
ISLAMABAD: Pakistan's Climate Change Minister Dr. Musadik Malik on Thursday met with a high-level Asian Development Bank (ADB) delegation to explore potential collaboration on carbon markets as part of the country's evolving climate strategy, said in an official statement. The visiting team was led by Toru Kubo, ADB's Senior Director for Climate Change and Sustainable Development. The discussions focused on leveraging carbon markets to reduce greenhouse gas emissions and attract new streams of climate finance for sustainable development. Carbon markets are trading systems that allow countries, companies or organizations to buy and sell carbon credits or permits representing the right to emit a specific amount of carbon dioxide. These markets create financial incentives for reducing emissions and investing in greener alternatives. 'Both sides agreed to formulate a comprehensive, mutually aligned climate change strategy, with a specific focus on carbon credit mobilization, climate innovation and outcomes-based project implementation,' the climate change ministry said in a statement. The two sides also explored ways for Pakistan to strategically align its carbon finance agenda with the Sustainable Development Goals, aiming to turn climate action into a driver of economic growth, it added. On the occasion, Malik assured the ADB of full support in the strategy formulation, emphasizing that it should remain 'impact-driven, transparent and results-oriented.' Kubo highlighted ADB's support for developing member countries, including Pakistan, by enhancing their carbon finance capabilities through mobilizing investments in low-carbon technologies, enabling them to access and benefit from global carbon markets. The ministry said the meeting showed that climate action is now seen as a way to boost the economy, not just an environmental measure, with more countries paying attention to carbon markets. Pakistan unveiled the country's first National Carbon Market Policy in November 2024, saying that the government wanted to attract investments in green initiatives and transition toward a low-carbon economy. According to the Global Climate Risk Index, Pakistan is ranked as the fifth most vulnerable country to climate change. In 2022, devastating floods claimed about 1,700 lives and affected more than 33 million people, causing economic losses exceeding $30 billion. Although international donors pledged over $9 billion to support Pakistan's flood recovery, officials report that only a small portion of the promised funds were received by the country.
Business Recorder
3 days ago
- Business
- 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.
