Prime Minister Imran Khan has stressed the need to take measures to counter the threat of global warming in Pakistan.
He was addressing the ‘Green financing Innovations’ event organized by the Ministry of Climate Change on Thursday.
He said that it is essential for Pakistan to reach the 10-billion trees plantation target in order to protect the future generation amid the threat of global warming. He stressed the need to build more national parks, planting trees, and introduce urban forestation.
“Issuance of nature bonds, green bonds is a very good concept because the world is now realizing that the exploitation of land has its consequences,” said PM Khan.
He said Pakistan's contribution to global carbon emission is very low i.e. less than 1% but unfortunately Pakistan is among the most vulnerable countries, due to melting glaciers.
“The impact of global warming is being witnessed across the globe such as the recent California forest fires and the unusual Australian bushfires. This has made the world realize that they have not been fair with the resources given to them by nature,” said the PM.
The World Bank's study on ‘Blue Carbon’ was also presented, which, for the first time, gives an economic value to the country’s marine wealth including Pakistan's mangroves and seagrasses.
Talking on the report, Adviser to Prime Minister on Climate Change Malik Amin Aslam said that as per the report the mangroves plantation has increased by 300% in the past 20 years in Pakistan.
As per the WB report, Pakistan's existing coastal wetlands ecosystem potentially stores approximately 76.4 million tons of carbon dioxide equivalent. “Protecting existing mangrove forests would potentially sequester 292,718 tons of carbon dioxide equivalent per year. The ongoing mangrove reforestation drive can additionally remove 25 million tons of carbon dioxide equivalent by 2050 and using a terrestrial forest price of carbon credits of $3 and aspirational blue carbon prices of $12 to $20 the revenue generated would be $75 million-plus $300 to $500 million.”
As part of its efforts towards the protection of nature, the Ministry of Climate Change is undertaking two major initiatives which provide a basis for eco-system restoration in the country.
On the occasion, a joint statement was signed to initiate dialogue with the United Kingdom, Germany and Canada for Pakistan's first Nature Bond, and the possibility of a "Debt for Nature" Swap.
An MoU with China's Elion group was also signed for piloting green ecological zones in Pakistan.