The Ministry of Climate Change is planning to set up local carbon markets to lower greenhouse gas emissions and lure investment in different sectors, though allocation for ''''Carbon Neutral Pakistan'''' project included in Public Sector Development Programme 2015-16 that is just Rs 7.752 million of the total cost of Rs 313.960 million.
The government has allocated Rs 39.752 million in the Public Sector Development Programme to combat climate change this fiscal year, which is 58 percent higher than the previous year''''s allocation. The climate change, however, still remains on low priority of the government, as the allocation is far less than the PSDP of 2012-13 and 2013-14. The PPP-led coalition government has allocated Rs 168.1 million for the ministry in the PSDP of 2012-13 while it was sharply reduced to Rs 58.8 million in 2013-14 by the PML-N government. The PML-N had even abolished the ministry, but now revived, as a Ministry of Climate Change following pressure from the international organisations.
Arif Ahmed Khan, Secretary Ministry of Climate Change, told Business Recorder Saturday that the government is planning to set up local carbon markets under the project ''''Carbon Neutral Pakistan'''' to reduce carbon emissions. "We are setting up carbon markets for internal adjustment of carbon emissions and carbon credits," he said, adding the mechanism would help industrialists and other relevant sectors to sell and buy carbon credits locally. The secretary said the project is being designed to meet future requirements that international community can impose on developing countries if an international deal on climate change is reached in COP 21, Paris summit in December of this year.
"Pakistan can also lure foreign investment in emission cuts in the coming years if we succeed in setting up carbon markets to facilitate industrialists and people from other sectors," he said. The United Nations carbon market has spurred $356 billion of investment in emission cuts, encouraging climate-protection policies in at least 10 nations including China, India and Brazil, according to the Washington-based policy institute, Center for American Progress. Khan said that carbon pricing is a complicated process and they are working to simplify it for the people with the help of relevant experts and specialists.
"We are planning to hire relevant specialists and experts on the subject to materialise our goal of setting up the carbon markets and make them operational," he said. The secretary said that impact of the project cannot be quantified in a short span of time rather its impact on the country''''s greenhouse gas emissions cut may be significant in the coming ten to 15 years.
He said that all relevant sectors that contribute in the greenhouse gas emissions including agriculture, industry, livestock and forests would also be coaxed to cut the emissions by adapting to new technologies and techniques. Separately, the government has also allocated Rs 23.404 million in the PSDP for ''''Sustainable Land Management Programme to Combat Desertification in Pakistan (federal share)'''' out of the total Rs 105.430 million for the project. For the ongoing scheme, ''''Establishment of Geomatic Center for Climate Change and Sustainable Development 2012-2015,'''' of the ministry of climate change, the government has allocated Rs 8.596 million in the Public Sector Development Programme 2015-16.
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