Transparent cross-border carbon markets have the potential to significantly reduce the costs associated with implementing nationally determined contributions (NDCs) by up to $250 billion annually, thereby enhancing Pakistan’s climate action efforts.
This assertion was made by Romina Khurshid Alam, the Coordinator to the Prime Minister on Climate Change and Environmental Coordination, during a seminar titled “COP29 Commitments to COP30 Action: A Critical Analysis” at the National University of Sciences and Technology (NUST) on January 10, 2025.
Alam emphasized the urgent need for robust climate action and highlighted the importance of trusted and transparent carbon markets in achieving these goals. Her statements were in line with findings from the global stocktake and the Intergovernmental Panel on Climate Change’s (IPCC) Sixth Assessment Report, which noted the global challenges in meeting the Paris Agreement’s target of limiting temperature rise to 1.5°C.
At COP29, Pakistan made significant contributions, particularly in technical negotiations and bilateral engagements, positioning itself as a leader in global climate discourse. The seminar included discussions from various experts, including Additional Secretary Zulfiqar Younas and Carbon Market Specialist Sana Rasool, who explored carbon credit systems and the role of academia in addressing climate impacts.
The establishment of a robust carbon market is seen as a critical strategy for Pakistan to attract green investments and transition towards a low-carbon economy. Alam’s remarks reflect a commitment to developing this market as part of Pakistan’s broader climate strategy.