Islamabad, December 28, 2024 — In a landmark decision, federal cabinet has green-lighted a comprehensive carbon markets policy aimed at establishing a framework for voluntary carbon trading and enhancing cooperative approaches to climate action.
The approval, announced on December 27, is part of the country’s strategic efforts to meet its climate commitments while promoting sustainable economic growth.
The newly approved policy seeks to create a robust infrastructure for carbon markets across various sectors, including energy, agriculture, waste management, and forestry. By facilitating the monetization of emissions reductions, Pakistan aims to attract green investments and drive the adoption of clean technologies.
“This policy is a significant step forward in our fight against climate change,” said the Minister of Climate Change during the cabinet meeting. “By engaging in both voluntary and compliance carbon markets, we can not only contribute to global climate goals but also enhance our economic resilience.”
Key features of the policy include:
- Operational Framework: Establishing guidelines for carbon market activities that will enable both local and international stakeholders to participate effectively.
- International Collaboration: Encouraging partnerships with global entities to leverage resources and expertise in carbon trading, aligning with the principles of the Paris Agreement.
- Quality Assurance: Implementing stringent standards to ensure environmental integrity and credibility in all carbon market transactions.
- Economic Opportunities: Anticipating significant economic benefits through job creation and investment in green technologies, while also addressing social co-benefits for communities affected by climate change.
The cabinet’s approval is expected to pave the way for the development of a vibrant carbon market in Pakistan, positioning the country as a key player in the global climate finance landscape. As nations worldwide intensify their efforts to combat climate change, Pakistan’s proactive approach could serve as a model for other developing countries seeking to balance economic growth with environmental stewardship.