The Coordinator to Federal Tax Ombudsman Meher Kashif Younis Thursday said Pakistan can earn carbon credits through the plantation, reforestation, various green covers, solar and wind power, controlling methane emissions from livestock and paddy fields and other activities that control Green House Gas (GHG) emissions.
Speaking at a workshop on “Pakistan And Greenhouse Gases” held under the aegis of Gold Ring Economic Forum, a strategic think tank, he said Carbon trading offers emerging and innovative trade and business opportunities to developing countries including Pakistan which can earn dollars for controlling greenhouse gas emissions.
He said in addition, all the hydro, biogas, plantation and other such green businesses can bring dollars on a very fast track, provided the focal ministry is proactive and willing to facilitate and support such strategic initiatives.
He said Pakistan has completed a carbon credit earning project and the government of Sindh has already earned carbon credits for the mangrove forests and got the first tranche of $14.75 million last year which may swell to $24-25 million in the next five years and this increase will continue for the 60-year pledge period.
Therefore, he said Pakistan is already enjoying the benefits of carbon credits from a forestry project and thus there is a great deal of scope and opportunities for earning carbon credits on a larger scale. He said this great success story can now easily be replicated in other forestry and GHG-controlling projects.
Further explaining its features Meher Kashif Younis said Pakistan’s collaboration with China’s carbon emission trading scheme from 2021 to 2025 also offers great opportunities.
He said under International Emissions Trading (IET), countries can trade in the international carbon credit market to cover their shortfall in the assigned amount of units.
He said farmers and landowners can sell carbon credits because land can store carbon. He said Landowners can sell carbon offsets on the voluntary carbon markets. He said these carbon credit buyers are purchasing carbon credits as an investment or are businesses trying to meet internal standards for carbon footprint reduction.
Published in The Express Tribune, March 31st, 2023.
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