Pakistan proud to lead green finance innovations: PM

By News Desk

ISLAMABAD: Prime Minister Imran Khan on Thursday said through “future green financing”, Pakistan was proud to take a lead in conservation of ecological systems and ensure a secure and liveable environment for its coming generations.

Addressing an event on Green Financing Innovations organised by Ministry of Climate Change in connection with World Environment Day, the Prime Minister said it was high time for Pakistan to seriously value its natural resources to combat the negative impacts of climate change.

The Prime Minister, on the occasion, witnessed the issuance of a Joint Statement by the United Kingdom, Canada and Germany to engage in a dialogue on the modalities of Pakistan’s first Nature Performance Bond.

The bond will be developed by a consortium of financial advisers, thereby creating an enabling environment for private sector finances and non-traditional development partners to play their role in sustainable development.

Also, a memorandum was signed between the government of Pakistan and China’s Elion Group to pilot green ecological zones in Pakistan’s Cholistan desert on the Kubuqi model — a Chinese developed method against desertification.

Khan lauded the initiative of the Green Bond, saying saving forests, particularly mangroves and urban plantation, was urgently needed for Pakistan. The world, he said, was now realising that ruthless wastage of natural resources was resulting in disastrous consequences for the mankind.

He said though Pakistan’s contribution to global carbon emissions was less than one per cent, it was among the ten highest vulnerable countries facing the risks of climate change.

He mentioned that fast glacier melting in Pakistan was a major threat, adding that his government had launched several green initiatives including the Ten Billion Tree Tsunami to minimise the effects of global warming.

The Prime Minister said Pakistan was committed to spearhead innovative nature preservation and biodiversity initiatives and also the green stimulus package. He mentioned that the preservation of natural resources was taught to mankind by the Holy Prophet (PBUH) around 1,500 years ago, which was even relevant today.

Federal Minister for Climate Change Malik Amin Aslam said Pakistan was blessed to realise its enormous “Blue Carbon” asset through a study conducted by the World Bank.

He said the study showed that Pakistan’s existing coastal wetlands ecosystem, particularly mangrove forests, potentially stored 76.4 million tonnes of carbon dioxide equivalent (CO2e). He said it was encouraging that the ongoing mangrove reforestation drive under Ten Billion Tree Tsunami could additionally remove 25 million tonnes of CO2e by 2050. Pakistan, he said, had 3-5 per cent of the total Blue Carbon of the world — an “unvalued” commodity valued for first time by the country.

He stressed further research, mapping and monitoring of Blue Carbon by making investment in education and training about the subject.

Country Direction of World Bank in Pakistan, Najy Benhassine, presented to the Prime Minister the report on “Blue Carbon”, which for the first time, gives an economic value to the country’s unvalued marine wealth including Pakistan’s mangroves and sea grasses.