Karachi, October 24, 2023 – The National Disaster Risk Management Fund (NDRMF) is taking proactive steps to enhance Pakistan’s resilience against natural disasters and the long-term impacts of climate change.
In pursuit of this goal, the NDRMF organized a seminar in Karachi titled “Leveraging Carbon Markets to Enable Private Investment.” The event brought together a diverse group of stakeholders, including the private sector, government officials, UN agencies, project developers, industry leaders, environmental organizations, academics, and climate change enthusiasts.
The seminar addressed critical topics related to climate change in Pakistan, the concept of carbon markets, challenges and opportunities in this space, and the role of the private sector in mitigating the effects of climate change. By identifying potential sectors for carbon trading and exploring the private sector’s role, the event aimed to bridge the gap in understanding the challenges, barriers, and international collaborations in carbon markets.
Bilal Anwar, CEO of NDRMF, emphasized the seminar’s objective, stating, “The overarching objective of the seminar is to build understanding within the private sector regarding Carbon Markets, exploring their potential role, and devising a roadmap for timely engagement, ultimately leading towards protection against adverse impacts of climate change.” He further highlighted the benefits of tapping into carbon markets, such as voluntary emissions trading schemes, which can unlock private finance through carbon credits.
Ali Tauqeer Sheikh, Climate Change Specialist and NDRMF Board Director, praised NDRMF’s role in conducting such events and stressed the importance of addressing key issues for the success of carbon markets. These issues include ensuring real emissions reductions and removals aligned with the country’s Nationally Determined Contributions, transparency in institutional and financial infrastructure, and social and environmental safeguards.
During the event, various organizations shared their initiatives and strategies for reducing carbon emissions and leveraging carbon markets. Representatives from organizations such as Engro Foundation, Shell, Serena Hotels, Pakistan Business Council, K-electric, Daraz, National Insurance Company Ltd, Loreal Pakistan, Artistic Milliners, Baig group, Amreli Steels Ltd., Strategic Initiative, Control Union Pakistan, Pakistan Business Council, and Utopia highlighted their initiatives and discussed how they are leveraging carbon markets.
Fawad Soomro, CEO of Engro Foundation, stressed the importance of capacity building and research to effectively address the challenges associated with carbon projects. He emphasized the role of public-private partnerships and their commitment to environmental conservation.
Saad Ahmed, Country Lead Business Development & New Ventures at Shell, highlighted the need for collaboration among NGOs and development sector organizations to address climate change challenges. Shell’s significant investments in nature-based solutions underscore their commitment to this cause.
Nazish Shekha, Head of Initiative CERB at Pakistan Business Council, shed light on how Pakistan can unlock private finance through carbon markets. She emphasized the event’s significance in fostering collaboration and shaping the future of carbon markets in Pakistan.
Participants gained valuable insights into Pakistan’s commitment to climate change mitigation, the potential of carbon markets, and successful carbon projects within the country. NDRMF’s efforts in engaging various stakeholders and promoting climate resilience are essential in addressing the challenges posed by climate change in Pakistan.
