By Staff Reporter
ISLAMABAD: In a significant boost to its climate action efforts, Pakistan has welcomed the approval of carbon guidelines at the COP29 summit, paving the way for the country’s entry into international carbon trading markets.
Romina Khurshid Alam, Coordinator to the Prime Minister on Climate Change and Environmental Coordination, hailed the development as a “key milestone” in Pakistan’s journey towards climate resilience. “With the government actively collaborating with provincial and international stakeholders, Pakistan is positioning itself to capitalize on carbon trading, aiming to unlock new opportunities for green development and sustainable climate action,” she said.
Speaking at a post-COP dialogue organized by the Sustainable Development Policy Institute (SDPI), Ms. Alam emphasized the importance of Article 6 of the Paris Agreement, which provides a framework for international cooperation on carbon markets. “For Pakistan, these mechanisms are not merely technical solutions but essential strategic tools for sustainable development and climate resilience,” she noted.
Pakistan’s potential to leverage carbon markets is substantial, with projects related to renewable energy, afforestation, and sustainable urban development initiatives offering promising opportunities for growth. However, the country still faces significant challenges, including capacity gaps and the need for strong regulatory frameworks.
To address these challenges, Pakistan is forging partnerships with multilateral agencies and private stakeholders to build the necessary expertise and infrastructure. “We are prioritizing the development of a robust monitoring, reporting, and verification system to ensure the credibility of our efforts,” Ms. Alam said.
As Pakistan takes its first steps towards international carbon trading, the country is reaffirming its commitment to advocating for inclusive and equitable frameworks under Article 6. “We are committed to fostering South-South cooperation and building capacity among developing nations to ensure that no one is left behind in this transition,” Ms. Alam emphasized.
The approval of carbon guidelines at COP29 marks a significant turning point in Pakistan’s climate journey. As the country looks to capitalize on international carbon trading markets, it is clear that the road ahead will be challenging. However, with its commitment to climate action and sustainable development, Pakistan is poised to emerge as a leader in the global fight against climate change.
