Foreign investors in Pakistan have acknowledged that climate change is a major threat to the country’s economy.
“Climate change is a major problem and Pakistan has to take steps to mitigate it similar to the developed countries,” remarked Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood in a video message at a meeting of the Overseas Investors Chamber of Commerce and Industry (OICCI) on Tuesday.
On the occasion, the chamber revealed its plan to organise “Pakistan Climate Conference 2022” in March.
“It is a challenge for Pakistan to work towards rectifying climate challenges while staying competitive in the global market,” the adviser said.
“Global warming will have economic impact as well. I am confident that the conference will lay the foundation for an action plan that will help the country meet its global climate commitments and ensure sustainability of its economy.”
Speaking on the occasion, Prime Minister’s Economic Advisory Council member Abid Qaiyum Suleri cherished that the private sector was playing a leading role in helping the country combat the challenges posed by the changes in weather patterns.
“Pakistan has been losing $1 billion every year for the last 22 years due to this issue,” said Suleri. “Since 2000, we have faced 120 catastrophic events and 11,000 lives have been lost while 55 million people got affected directly or indirectly.”
OICCI President Ghias Khan highlighted that Pakistan Climate Conference would build on the understanding reached in COP26 and it would help identify the efforts needed to promote positive climate actions and reduce the impact of climate change on Pakistan.
Global climate experts, policymakers and corporate decision-makers will meet at the conference and share knowledge and best practices to help Pakistan develop the necessary policy and climate interventions.
“It aims to start dialogue on several critical areas to support the Nationally Determined Commitments (NDCs) that Pakistan made at COP26,” he said. “This commitment targets to cut 50% of projected emissions and achieve 60% renewable energy by 2030.”
In addition, Pakistan has pledged to work on clean transport and electrify 30% of vehicles by 2030.
“Pakistan has a long way to go to demonstrate progress on its ambitious NDCs,” he said.
Giving details of the event, he said it would help in policy direction and outline the best practices needed by the country to speed up its climate-positive journey.
Published in The Express Tribune, February 9th, 2022.
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