OICCI pushes for public-private climate action at COP29

KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI) highlighted the critical role of public-private partnerships in tackling Pakistan’s climate challenges during COP29.

Representing Pakistan’s delegation, the OICCI hosted a discussion titled ‘Unlocking Pakistan’s Climate Future with Public-Private Partnerships’ at the Pakistan Pavilion, uniting industry leaders, government officials and global climate experts to explore financing strategies for climate resilience and green investments in Pakistan.

The OICCI’s involvement at COP29 highlights its commitment to promoting sustainable business practices and supporting policies that encourage climate finance. As Pakistan progresses towards its climate goals, the OICCI is focused on mobilizing resources and fostering collaborations to build a climate-resilient future. Through these initiatives, the OICCI aims to pave the way for a sustainable, climate-smart Pakistan.

OICCI Secretary General M. Abdul Aleem emphasised the private sector’s vital role in bridging Pakistan’s $152 billion climate adaptation gap, noting that “supportive policies and incentives are essential for scaling climate-smart investments.” Managing Director at BASF Pakistan Andrew Bailey underlined the importance of resilient financial systems, adding that “OICCI members are advancing Net Zero goals through investments in clean energy, green financing and climate resilience, turning climate action into a pathway for sustainable growth.”

Global Head of ESG Engagement at Nestle Rob Cameron highlighted Nestle Pakistan’s role in water regeneration, stating, “Preserving water resources and regeneration is part of Nestle’s legacy. Under the ‘Caring for Water – Pakistan’ initiative, drip irrigation and smart soil moisture sensors have been implemented across 128 acres in Punjab and 183 acres in Sindh. Through these efforts, Nestle is advancing regenerative agriculture across its value chain.”

Veronica Nyhan Jones discussed the role of innovative climate finance tools in promoting climate-smart agriculture and sustainable land-use projects in Pakistan. She stated, “Instruments like sustainability-linked financing and thematic bonds -- such as green, blue, or biodiversity finance -- can provide the necessary financial framework to attract private capital, de-risk investments, and enhance climate resilience in vulnerable regions. However, addressing technical barriers is crucial for successful adoption. The IFC is a preferred partner for the private sector in the region, offering thematic finance and guidance through programs like EDGE, Building Resilience Index, and Sustainable Cooling.”

Global Sustainability Climate Lead at Unilever Fiona Duggan stressed the need for regulatory reforms and financial incentives to scale circular economy practices and discussed how embedding climate resilience into supply chains can lead to broader impact. Director of the UNDP’s Sustainable Finance Hub Thomas Beloe shared insights on mobilising climate finance: “Results-based blended finance is key to unlocking critical private capital for Pakistan’s climate resilience and adaptation. Effective collaboration between local public institutions and the private sector is essential for developing scalable, bankable sustainable projects.”

Executive Director of the Pakistan Environment Trust Dr Fatima Khushnood emphasised the need for cross-industry collaboration, stating, “As investors, consumers, and governments increasingly prioritise sustainability, businesses must adapt.”