Authorities in Islamabad and the Asian Development Bank (ADB) have agreed to chart a collaborative strategy on carbon markets and climate innovation.
The development came during a meeting between Federal Minister for Climate Change and Environmental Coordination, Dr Musadik Malik, with a high-level delegation of the ADB, led by Toru Kubo, Senior Director of Climate Change and Sustainable Development (CCSD), to explore collaborative opportunities in carbon markets and forge the path for a new climate strategy grounded in economic and environmental synergy.
According to a statement released by the Ministry of Climate Change, the meeting marked a significant step forward in aligning Pakistan’s national climate strategy with international best practices and market-driven climate finance solutions.
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“Both sides agreed to formulate a comprehensive, mutually aligned climate change strategy, with a specific focus on carbon credit mobilisation, climate innovation, and outcomes-based project implementation,” read the statement.
During the meeting, Malik assured ADB of full ministerial cooperation and hands-on involvement in the formulation of the strategy, emphasising that it must remain impact-driven, transparent, and results-oriented.
Toru Kubo reiterated ADB’s strong support, noting that the bank continues to assist its Developing Member Countries (DMCs) by catalysing investments in low-carbon technologies, advancing carbon finance readiness, and enhancing the ability of countries like Pakistan to access and benefit from global carbon markets.
The two sides also discussed how Pakistan can strategically link Sustainable Development Goals (SDGs) to its carbon finance agenda, thereby transforming climate action into a source of economic strength and international credibility.
“As global interest in carbon markets surges, Pakistan is poised to become a regional pioneer by strategically positioning itself in this evolving financial ecosystem,” read the statement.
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