‘Climate-related events could reduce 18-20pc Pakistan’s GDP by 2050’

KARACHI: Despite contributing only one percent to global carbon emissions, Pakistan is among the countries hardest hit by climate change and climate-related events could reduce Pakistan’s GDP by 18 to 20 percent by 2050, warned Muhammad Humayun Sajjad, CEO of Mashreq Pakistan.

He made these remarks during a ceremony on Tuesday to mark the successful completion of mountain clean-up expeditions in Pakistan initiated by Mashreq, leading financial institution in the MENA region.

The completion of the expedition in Pakistan is a historic milestone in Mashreq’s global journey to scale and clean up 14 of the world’s mightiest mountains, with the aim of reaching 7 peaks and the base camps of the remaining 7 mountains. The initiative falls under Climb2Change, Mashreq’s global initiative integrating the bank’s comprehensive Environmental, Social, and Governance (ESG) efforts and milestones.

In this regard, addressing a press conference here on Tuesday, Muhammad Humayun Sajjad, CEO of Mashreq Pakistan said that Pakistan is one of the countries most severely impacted by climate change and also faced billions of dollars in losses due to unprecedented rainfall and devastating floods in 2022. Despite contributing less than 1 percent to global carbon emissions, Pakistan ranks among the top ten nations that are most vulnerable to climate-related disasters, he added.

“There are alarming statistics that suggest that climate-related events, environmental degradation, and air pollution may cause Pakistan’s GDP to shrink by 18-20 percent in the next 25-year i.e. by 2050,” Humayun said.

He called upon every Pakistani, whether as individuals, businesses, or policymakers, to join in prioritizing climate action and building a more resilient, sustainable future for Pakistan.

He said that the completion of the Climb2Change mountain clean-up expedition in Pakistan stands as a powerful testament to Mashreq’s unwavering commitment to sustainability, environmental conservation, and social impact.

“We take immense pride in the substantial and tangible environmental results we have achieved on our mountains, not just in removing waste but in actively fostering a culture of sustainability within our organization and the local communities where we operate,” he added.

He said that this mission goes beyond cleaning these majestic peaks; it’s about raising awareness of the urgent need for climate action.

From June to August 2024, Mashreq’s team, led by renowned climbers Maria Conceicao and Naila Kiani, undertook a rigorous 50-day expedition, actively engaging in cleaning up 16 mountain sites including two prominent peaks, K2 and Broad Peak base camp (K3), and the base camps at Goro2 and Concordia, to address the critical issue of mountain waste accumulation and ecological imbalance.

The team successfully collected 1.727 tons (1,727 kilograms) of waste across 26 categories (from plastics to metals), including a wide range of items such as personal hygiene products, camping equipment, and discarded clothing.

In line with Mashreq’s dedication to fostering a sustainable corporate culture, Mashreq Pakistan employees participated in on-the-ground clean-up, contributing an impressive 180 hours of hands-on volunteering.

Mashreq’s mountain clean-up expeditions, which cover regions including Nepal, Pakistan, Egypt and China (Tibet), aim to build awareness and promote recycling practices, waste reduction, and environmental preservation on a global scale, in line with Mashreq’s dedication to sustainability and making a positive difference in the world. These clean-up expeditions highlight Mashreq’s commitment to addressing global challenges through targeted, high-impact local initiatives.

As the Pakistan mountain clean-up expedition concludes, serving as a blueprint for how businesses can leverage their resources and influence to address critical environmental challenges, Mashreq extends an open invitation to corporations and institutions worldwide to join this transformative movement.

Building on the resounding success of the Pakistan expedition, the initiative’s efforts will extend to reach Egypt, China (Tibet) in the coming months, targeting other iconic peaks and fragile ecosystems in this region.

Copyright Business Recorder, 2024