Putting price on emission to increase investment in Green Energy

ISLAMABAD: Minister for Climate Change Senator Mushahidullah Khan Thursday said that putting price on carbon emission would help in increasing investments in green energy and reduced the carbon footprint.

Addressing the concluding session of workshop on carbon pricing he said, “The government is cautiously evaluating options to introduce this instrument in a way that our economic pace is not compromised.

The ministry has strengthened engagement with the secretariat of the United Nations Framework Convention on Climate Change through its Regional collaborative Centre to evaluate the application of carbon pricing instrument which can best fit with the national context and priorities while providing benefits in terms of mitigation action and for attracting international support for climate action”,

Carbon pricing, the method favored by many economists for reducing global-warming emissions —charges those who emit carbon dioxide (CO2) for their emissions.

That charge, called a carbon price, is the amount that must be paid for the right to emit one tonne of CO2 into the atmosphere.

Nearly 40 countries and more than 20 cities, states and provinces are already participating in or preparing for a carbon price.

By 2020, carbon pricing is set to cover roughly 25% of global Green House Gas emissions.

In the region, momentum is growing to incorporate carbon-pricing approaches in national and sub national climate policy.

The minister said Pakistan has less than one percent share in global carbon emission but this share is expected to increase considerably as the country climbs over the development ladder and make efforts to achieve energy security.

He further said besides following an ambitious plan to develop its energy sector, climate change has been recognized as a core component of the economic growth model which is linked to development and well being of the population.

He also thanked United National Framework Convention on Climate Change and Regional Collaborative Centre for their facilitation and guidance on possible options and effective means to benefit from carbon pricing instrument on behalf of government of Pakistan.

Representative of United Nations Framework Convention on Climate Change Taimoor appreciated the efforts of Ministry of Climate Change in implementing Paris agreement.