KARACHI: Despite contributing only 0.9 per cent to global greenhouse gas emissions, Pakistan faces severe climate vulnerabilities and is ranked 5th most affected country, experts said.
This underscores the urgency of its climate action plans and the pivotal role of the private sector.
To provide a roadmap emphasising public-private partnerships to mitigate climate change, the Overseas Investors Chamber of Commerce and Industry (OICCI) has launched an insightful report titled, ‘Pakistan’s Climate Crossroads: Private Sector Solutions to Pakistan’s Climate Challenges’.
Commenting on the report, OICCI President Rehan Shaikh emphasised, “Given the climate vulnerabilities threatening Pakistan, business growth cannot come at the cost of the climate anymore. We need to link returns on private sector investments with sustainability and consider the green transition to provide new jobs and livelihoods.”
The report highlights essential components of Pakistan’s climate strategy, encompassing climate action plans, needs assessment, vulnerability analysis, resilience, and climate mitigation and adaptation plans. The private sector is recognised as critical in driving climate solutions forward.
During the launch of the report, Sustainable Development Policy Institute (SDPI) Executive Director and International Advisory Committee Member of COP29 Dr Abid Suleri said, “Addressing Pakistan’s climate challenges require urgent but collective action.” e stressed the need to change the perception of the private sector, and maintained that the private sector should be seen as part of the solution rather than part of the problem, given its pivotal role in driving sustainable solutions that can secure Pakistan’s future.
The OICCI Climate Report also discusses how corporates can integrate climate actions into their business operations by adopting sustainable supply chain management, adhering to ESG criteria, promoting investment in carbon markets, and fostering public-private partnerships for green development. The report highlights OICCI members’ initiatives in these areas.
“As Pakistan is among the five most vulnerable countries, there is some urgency needed to focus on sustainable solutions that consider local contexts and materials,” said OICCI Managing Committee member Andrew Bailey. “The country’s focus should be on investing in ideology, research, and long-term solutions rather than on quick fixes,” he added.
With knowledge partnership with the SDPI, the report builds on insights from the OICCI 2nd Pakistan Climate Conference held in 2023. The conference featured global climate experts, policymakers, and corporate decision-makers, including former finance minister Dr. Shamshad Akhtar, SECP Chairman Akif Saeed, Group CEO of Standard Chartered Bank Bill Winters, WWF President Adil Najam, and Managing Director of GuarantCo Philip Skinner.
As Pakistan navigates its climate crossroads, the collaborative efforts of the public and private sectors, bolstered by international support and commitments made at COP28 held in Dubai, are pivotal in advancing its climate journey and achieving Net Zero emissions by 2050.
Copyright Business Recorder, 2024
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