Islamabad, May.02 (INP) -- Carbon markets are a new opportunity for Pakistan to improve its economy and reduce carbon emissions. It will bring green development through sustainable and environment-friendly practices, opined Jakob Linulf during his address to the one-day capacity-building workshop for journalists on Climate-Smart Reporting, organized by Carbon Market and Equitable Development, Sustainable Development Policy Institute (SDPI) and the Embassy of Denmark. The ambassador said, “Adverse climatic impacts are equally harmful to humanity and biodiversity across the globe. Denmark has completed its green transition by transforming its energy sector from a fossil fuel-dependent energy mix to a greener one – solar, wind, and biomass. It was challenging for Denmark and full of lessons. So, to cut such hurdles in Pakistan, Denmark will generously share the experience while the Danish Embassy is already collaborating with the SDPI for experience and knowledge sharing. Danish companies had adequate technologies to address climate change impacts which can collaborate with their Pakistani counterparts.”

He said that Pakistan is under terrible economic crises coupled with climate change as the 2022 floods inundated 1/3 of the country leaving millions of millions displaced and billions of dollars in livestock, infrastructure, and ripen crops washed away. So, the carbon market can be an important tool for developing the latest mechanisms to cut carbon emissions by considering it as a financial facility as well. Business leaders can take the lead in influencing green transition, especially in the sectors of steel, fertilizer, and cement. Carbon adjustment can also act as a tool along with fuel adjustment and waste management.

In his opening remarks, Dr Abid Qaiyum Suleri, Executive Director, SDPI said, “The workshop aims to address knowledge gaps, leverage international practices, and to find a way forward in collaboration with relevant stakeholders. He said journalists can shape public opinion and guide policymakers to adopt efficient carbon markets. Both the think-tank and media can benefit from each other's experiences in reducing carbon emissions. He said, “It is important to highlight the urgency of climate change and the critical nature of the transformative power of carbon markets as South Asia is suffering from many environmental crises. So, journalists should act as facilitators of cooperation between stakeholders to reap maximum benefits of the new concept of carbon markets, added Dr. Abid.

Addressing the workshop, Chief Carbon Market Specialist United Nations Environment Programme (UNEP), Copenhagen, Soren Lutken, said, “Carbon markets are not the only solution to the climate crisis as it was not exactly the idea to reduce but shift the emissions from one place to the other. Pakistan is hosting the cheaper emission reduction mechanism so it was imperative to break the myth that it has missed the train to address the Carbon Border Adjustment Mechanism (CBAM). Soren said that Pakistan needs to come up with a clear policy framework to decide its moment to enter the compliance carbon markets. Globally, clients are interested in buying carbon credits that need to be explored efficiently with clear policy direction and leadership.

Nadeem Nawaz, Special Advisor and Country Manager at the Danish Energy Agency and Global Cooperation shared a brief presentation on the long-term energy planning strategies of Pakistan towards 2050. He said Pakistan needs to chalk out a credible roadmap to attract investors concerning the carbon market. In the opening session, Dr. Khalid Waleed briefed the participants concerning the Carbon markets concept and its economic linkage. He also explained the role of media in bringing awareness related to the serious impacts of CBAM on the exports of the country in the future.

Dr Khalid Waleed, Senior Economist and Energy Expert, SDPI, and Tahir Dhindsa, SDTV (Standard Definition Television), presented mementos to the Ambassador and the experts. Engineer Ubaid-Ur-Rehman, Head of Energy Unit, SDPI, Saleha Qureshi, Research Associate, SDPI, and Zainab Naeem, Research Associate facilitated the group activity and their presentations explained various aspects of CBAM and Carbon markets. Executive Director, SDPI Dr. Abid Suleri distributed certificates among the participants.

Credit: Independent News Pakistan (INP)