KARACHI: Incentives and conducive regulations can help industries adopt low carbon emission technologies and aid in scaling up goal of climate action, said Dr Abid Qaiyum Suleri, Executive Director Sustainable Development Policy Institute (SDPI). Workshop was jointly organised by SDPI and Embassy of Denmark here.

Speaking at workshop on ‘Unlocking Carbon Markets through Private Sector Engagement: Bankability and Equitable Development’ Dr Abid suggested devising Carbon Border Adjustment Mechanism (CBAM) policies, considering their positive impact on local industries as seen in EU states and balancing stakeholders’ interests.

Jakob Linulf Ambassador of Denmark to Pakistan, said his country is committed to supporting Pakistan’s efforts towards carbon trading initiatives and green transition. He said Pakistani industries should adopt carbon trading as tool for initiating projects that contribute to emissions reduction. Stressing need for long-term commitment to attract foreign investment in climate initiatives and critical role of individual and corporate leadership in driving sustainable change, he offered Embassy’s support in accelerating Pakistan’s green transition efforts.

Farrukh Khan Director, Ministry of Foreign Affairs urged private sector to play proactive role in addressing climate change.

Ahsan Anis Chief Operating Officer Power Cement sought shared responsibility of government and private sector in reducing emissions from heavy industries. Dr Khalid Waleed SDPI Research Fellow stressed need for decoupling economic growth from environmental degradation by integrating sustainable energy and production practices into macroeconomic policies to achieve environmental improvement while increasing income levels.

Ubaid ur Rehman Zia Head of Energy Unit at SDPI emphasised importance of robust quantification and adherence to sustainable development goals in future carbon markets to ensure credibility and effectiveness in reducing emissions.

Zainab Naeem Associate Research Fellow at SDPI discussed global voluntary carbon markets, characterizing them as marginally deregulated ecosystem for trading carbon credits generated from carbon removal or avoidance projects. Saleha Qureshi SDPI Research Associate said that heavy industries, waste management, energy efficiency and carbon sinks such as forestation projects hold immense emissions reduction potential which are yet to be unlocked in Pakistan.

Published in The Daily National Courier, March, 12 2024

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