Businesses need to respond positively to climate change: Sherry Rehman

Federal Minister for Climate Change Sherry Rehman said on Wednesday that large companies are responsible for 71% of the global warming in the last 100 years and hence, “they should come to the fore to fight against the menace of climate change.”

She was speaking at the 6th edition of ‘The Future Summit’ organised by the Nutshell Group in Karachi.

“It is not governments that have led to climate toxicity. Rather, its businesses,” she said.

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Referring to the 2022 floods, the minister warned that “it is a postcard from the future, sent by nature. These disruptions will continue to happen. We have to learn to deal with them.”

“Need to make difficult choices”

She emphasised that climate change required difficult choices and change in attitude not just from the government but also from businesses.

“There exists a cognitive disconnect amongst educated, empowered elites,” she said. “There is a need for introspection in the private sector as to why there is a resistance to policies that are the need of the hour. Knowing fully well that energy saving is essential to come out of the cycle of rent seeking, why have our businesses resisted power adjustments and cuts on operating hours?”

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The federal minister stressed that people cannot live with climate amnesia anymore.

“Climate change poses massive risk to our economy and it can no longer be excluded from development discourse.”

Citing a World Bank report, she stated that Pakistan needed $348 billion to respond to climate development challenges between 2023 and 2030. The time is nigh to build firewalls against incoming climate stresses, Rehman added.

Plastic use

“Climate adaptation is not done in a vacuum. It should come from the people - from their homes, their schools, their businesses,” she said. “Another case study is that of the use of plastic. The Indus is the second most plastic choked river in the world. People are ingesting microplastics everyday through consumption of fish which they are not aware of, and this is a crisis of our own creation through plastic pollution.”

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She stated that 2021 saw the highest amount of plastic produced, of which a very small percentage is recycled.

Policy making

The minister underlined that governments have to build the framework but the businesses have to take the lead in translating it to practical reality.

“We, as governments, communities and businesses, need to be agile and take responsibility for the parts we have to play in coming out of this crisis. Businesses, especially, have to be more transparent and they should report their SDG compliance.

“Firms should also invest in sustainability which is a viable investment,” she said. “It is time governments speak with businesses. We need to work in partnerships to come out of our collective climate amnesia and address future disruptions caused by climate change,” she said.

Pakistan to become $3 trillion economy by 2047

Meanwhile, HBL President and CEO Muhammad Aurangzeb insisted on the need for financial support to the agri-zone to ensure the prosperity of farmers for a prosperous Pakistan.

He said that the business model in Pakistan needed to transform to include stakeholders such as chambers of commerce, while the associations and banks should devise a long-term strategy through collaboration with or without the government.

He said that the World Bank had forecasted that the economy of Pakistan would grow to $3 trillion by 2047 from the current level of $300 billion. Pakistan needs consistency in policies to achieve economic growth in future.

Jazz President and CEO Aamir Ibrahim said the telecom industry was not merely a sector, rather, it was an enabler for many sectors and a facilitator of economic growth.

“Data is the new fuel in today’s digital transformation and 4G for all is the answer to the problem. Pakistan does not need to focus on 5G for now,” he said.

Meanwhile, Faysal Bank President and CEO Yousaf Husain said that the successful conversion to Islamic instruments, sustainability and resilience are crucial to ensure success and optimum outreach.

“An organisation must have a purpose-driven plan. It is not just a profitability factor but a social responsibility for effective leadership.”

To offer employment to generation-Z and generation alpha, we need to cater to their needs and offer customised employment plans, he further added.

He said that the rollout of the management trainee programs was necessary to deploy the younger lot and cater to their needs.

Orbit Startups Managing Director William Bao Bean said that Pakistan had potential to be one of the best in the region in enabling startups for best economic growth and promised to continuing his work in this regard.

“Our company in Pakistan turned from earning 0 dollars to $1.4 million in just one year.”

K-Electric CEO Moonis Alvi said that Pakistan had to shift towards indigenous sources of power production in the future.

“Hence, work is underway to convert 30% alternative energy for Karachi by 2030,” he said. “We must ensure that the next generation transitions to indigenous fuel for which all partners must contribute. It is not in our interest to buy expensive fuel,” he said.

“Before the summer of 2023, KE will have 900 megawatts of electricity available through the investment of billions of rupees,” he further said.