Green financing crucial for climate action: experts

KARACHI: Speakers on Wednesday discussed the importance of green financing for strengthening private-sector climate action in Pakistan.

As the country faces the growing threat of climate change, the Overseas Investors Chamber of Commerce and Industry (OICCI) hosted a dialogue at the 27th Sustainable Development Conference. The goal was to promote private sector-led solutions for green financing and climate resilience.

The Pre-COP29 Policy Dialogue brought together leaders from the private sector, government, and international organisations to discuss how corporate investment can help achieve Pakistan’s climate goals.

OICCI Senior Vice President Jason Avanceña stressed the private sector’s role in climate action. “Climate change is a reality we cannot ignore,” he said. “As we prepare for COP29, the private sector must play a key role. The OICCI is committed to mobilising investments and technologies to make Pakistan more climate-resilient. Our aim is to bridge the $152 billion adaptation financing gap by prioritising green finance and sustainability.”

As one of the world’s most climate-vulnerable countries, Pakistan faces serious risks from floods, heatwaves, and other extreme events. These challenges threaten food security, public health, and economic stability. The devastating 2022 floods, which displaced nearly eight million people and caused $15 billion in damages, highlight the urgent need for sustainable solutions. OICCI Secretary General M Abdul Aleem emphasized the need for private investment in these areas. “Climate change is not only an environmental issue but also an economic and social challenge,” he said.

“The OICCI has long been committed to sustainability. Through green financing, our members can help solve problems that benefit both the environment and the economy.”Executive Director of the Sustainable Development Policy Institute (SDPI) Dr Abid Suleri stressed the value of public-private partnerships. “Our shared goals can only be achieved through joint effort,” Suleri said. “By creating policies that attract investment and support the private sector, we can close critical financing gaps and build climate resilience.”

The event featured keynotes from leading figures such as Resident Representative of UNDP Pakistan Samuel Rizk. He discussed innovative financial instruments to attract climate capital. Panellists from top companies like Unilever Pakistan, Coca-Cola, HBL, and Engro Foundation shared insights on their sustainability efforts and ways to boost public-private collaboration in green finance.

The dialogue highlighted the OICCI’s significant contributions to climate action. The OICCI played a key role at COP28 and remains committed to advocating for sustainable practices. In 2023, OICCI members contributed over Rs 13 billion to corporate social responsibility, with Rs 1.5 billion dedicated to environmental protection. As Pakistan prepares for COP29, the OICCI continues to support national climate goals with actionable steps and a focus on sustainable business practices.