ISLAMABAD: Senior puisne judge of the Supreme Court of Pakistan, Justice Mansoor Ali Shah has called upon the government to make substantial advancements in issuing carbon bonds finance mechanism to tackle growing climate change challenges.
Justice Shah was speaking at a roundtable discussion on post “COP29”dialogue organised by the Institute of Strategic Studies Islamabad (ISSI), here on Tuesday.
The senior puisne judge told the audience that Pakistan faces an urgent need to develop vigorous climate mechanisms to tackle the growing challenges of climate change. He said that Pakistan has yet to make any significant development regarding green carbon bonds. He believed these tools could play a vibrant role in climate financing.
Government should explore sukuk bonds as a suitable option for climate financing, he said, adding, Islamic climate finance emerging globally in countries like Indonesia and Malaysia who have already implemented green sukuks, while Saudi Arabia has also set a remarkable example in this regard.
Justice Mansoor pointed out that the recent federal budget has drawn criticism from various quarters for failing to sufficiently allocate resources for climate change funds. He, however, said that there is no organisedagenda to monitor or manage such funds effectively.
With regards to climate justice, senior Supreme Court judge said the judiciary is expected to play a pivotal role in ensuring climate justice.
Justice Mansoor also urged to set climate courts not in Pakistan but internationally under the jurisdiction of International Court of Justice (ICJ). He added that climate change and financing should be declared as basic human right with inclusive multi-sector approach. Courts may push the government to take actionable steps on climate change and ensure the voices of affected communities are heard, he said, adding the courts could oversee the transparent utilisation of incoming climate finance.
Justice Shah said that analysts have termed climate finance as the “new climate justice” in the context of bridging the gap between developed and developing states. He pointed out that Pakistan has suffered immense losses exceeding $20 billion due to recent climate disasters but the country received very little as compensation. The developed nations have pledged climate funding of $100 billion annually but the promise still needs to be fulfilled for Pakistan.
He said that Pakistan should prioritise climate diplomacy and develop a comprehensive framework to address the serious challenges posed by climate change.
Copyright Business Recorder, 2024
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