BAFL 46.54 Decreased By ▼ -0.21 (-0.45%)
BIPL 21.04 Increased By ▲ 0.68 (3.34%)
BOP 5.54 Increased By ▲ 0.23 (4.33%)
CNERGY 4.85 No Change ▼ 0.00 (0%)
DFML 18.82 Increased By ▲ 1.67 (9.74%)
DGKC 80.50 Increased By ▲ 1.65 (2.09%)
FABL 30.95 Increased By ▲ 1.71 (5.85%)
FCCL 20.49 Increased By ▲ 0.14 (0.69%)
FFL 9.59 Decreased By ▼ -0.07 (-0.72%)
GGL 13.94 Increased By ▲ 1.19 (9.33%)
HBL 116.96 Increased By ▲ 2.68 (2.35%)
HUBC 123.62 Decreased By ▼ -0.18 (-0.15%)
HUMNL 7.98 Increased By ▲ 0.40 (5.28%)
KEL 3.52 Increased By ▲ 0.19 (5.71%)
LOTCHEM 28.59 Increased By ▲ 0.34 (1.2%)
MLCF 42.10 Increased By ▲ 0.10 (0.24%)
OGDC 123.10 Increased By ▲ 8.99 (7.88%)
PAEL 18.82 Decreased By ▼ -0.03 (-0.16%)
PIBTL 5.71 Increased By ▲ 0.11 (1.96%)
PIOC 114.50 Increased By ▲ 0.60 (0.53%)
PPL 110.98 Increased By ▲ 11.52 (11.58%)
PRL 27.52 Increased By ▲ 0.76 (2.84%)
SILK 1.08 Decreased By ▼ -0.01 (-0.92%)
SNGP 70.09 Increased By ▲ 2.69 (3.99%)
SSGC 13.18 Increased By ▲ 0.58 (4.6%)
TELE 8.81 Increased By ▲ 0.26 (3.04%)
TPLP 13.65 Increased By ▲ 0.35 (2.63%)
TRG 91.94 Increased By ▲ 6.25 (7.29%)
UNITY 26.81 Increased By ▲ 0.34 (1.28%)
WTL 1.57 Decreased By ▼ -0.01 (-0.63%)
BR100 6,544 Increased By 101.5 (1.58%)
BR30 23,210 Increased By 429.3 (1.88%)
KSE100 63,918 Increased By 961.7 (1.53%)
KSE30 21,352 Increased By 348.1 (1.66%)

ISLAMABAD: Speakers at a seminar stressed the need for diversified and inclusive trade based on the reduction in carbon footprint to ensure climate-friendly growth and development in Pakistan.

While speaking at the first day of the 25th Sustainable Development Conference (SDC) jointly organised by the Sustainable Development Policy Institute (SDPI), United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) and Policy Dialogue on Sustainable Development Goals (SDGs), they underlined the need for minimising the carbon emissions.

Speaking on the occasion, Dr Fahad Saeed, climate scientist at Climate Analytics from Germany said Pakistan is geographically situated in the two most important climatic zones where strong monsoon systems and westerly waves have serious impacts on the environment which increased vulnerability to climate change.

He said Pakistan and Bangladesh were equally vulnerable due to climate change, but the latter received doubled climate finance of $14 billion in comparison to $7.7 billion secured by Pakistan. He stressed the need for introspection to address the gaps in advocating classes for successful climate finance achievement. An integrated approach is needed for departmental collaboration to address climate change issues, Dr Saeed added.

Anjum Assad Amin, the chairperson of the National Tariff Commission stressed the need for strengthening the national economy through inclusive trade, competitiveness, and long-term dynamic policies. Moreover, he said, there is a need to move forward for developing partnerships and agreements with developed nations to learn from their experiences of becoming less carbon-intensive economies.

Asad Hayyauddin, the former secretary Economic Affairs Division (EAD), said trade and climate had a nexus alluding to the cost of damage due to environmental degradation of carbon-intensive businesses and its perpetrators responsible for compensating the damage done to ecology.

He said Pakistan was not a developed state due to its alienation to three agreements of information technology, and environmental good that needed to be focused to achieve sustainable development.

Sardar Moazzam, the managing director National Energy Efficiency and Conservation Authority (NEECA), said the policy approach in terms of trade and climate was top to bottom, which should be opposite for a grassroots level intervention for promising outcomes. He added that the carbon dioxide (CO2) emissions (almost 50 per cent of overall NDCs) were coming from the energy sector. “We shall have to focus on energy sources at local level,” he said.

Haseeb Malik, Head of Agro, PepsiCo Pakistan, said 36 million hectares of land was irrigated in Pakistan, which was consuming over 50 percent freshwater resources. However, drip irrigation technology can help reduce 70 percent water consumption at a particular area of cultivated land.

Syed Sayem Ali, Chief Economist, Bank of Punjab (BoP) said 30 percent imports of the country are energy related that made it one of the most energy-dependent economies in the world. Data suggests that global trade has increased to $30 trillion from $5 trillion this year whereas the carbon emissions have also doubled.

It has supported growth and more pollution along with global emissions whereas there are incentives for developing countries to adopt climate-resilient policies that can provide benefits through green carbon credit bonds.

“Over 60 countries have imposed carbon tax and any commodity exported through these states will incur cuts on our export revenue.” India and China have raised $12 billion in terms of climate bonds through corporate entities and we should focus in this direction, he suggested

Copyright Business Recorder, 2022

Comments

Comments are closed.

SDPI-UNESCAP seminar: Need for diversified, inclusive trade based on cut in carbon footprint stressed

Another day, another high: KSE-100 gains 1.5% to close near 64,000

Imran free to contest upcoming elections: caretaker PM Kakar

ADB approves $659mn project financing to support Pakistan

At least three dead in fire incident at Karachi’s Ayesha Manzil: mayor

Inter-bank: rupee registers 7th consecutive gain against US dollar

Open market: rupee’s strengthening round continues against US dollar

Security forces kill terrorist in KP’s DI Khan: ISPR

Experts see status quo in last monetary policy announcement of 2023

485 foreign players register for PSL 2024 draft

Despite Gaza death toll soaring, US unlikely to rethink weapons supplies to Israel