Pakistan proudly leading green finance innovations to secure future: Imran
Prime Minister Imran Khan on Thursday said through future green financing, Pakistan was proud to take a lead in the conservation of ecological systems and ensure a secure and livable environment for its coming generations.
Addressing an event on green financing innovations organised by the Ministry of Climate Change in connection with World environment Day, the prime minister said it was high time for Pakistan to value its natural resources to combat the consequences of climate change.
Imran on the occasion witnessed the issuance of a joint statement by the United Kingdom, Canada and Germany to engage in a dialogue on the modalities of Pakistan’s first nature performance green bond.
The bond will be developed by a consortium of financial advisers, thereby creating an enabling environment for private sector finances and non-traditional development partners to play their role in sustainable development.
Also, a memorandum of understanding was signed between the government and China’s elion Group to pilot green ecological zones in the Cholistan desert on the Kabuqi model of turning deserts into green areas.
Prime Minister Imran also lauded the initiative of the green bond, saying saving forests particularly mangroves, and urban plantation was urgently needed for Pakistan. The world, he said, was now realising that ruthless wastage of natural resources was resulting in disastrous consequences for mankind.
He said though Pakistan’s contribution to global carbon emissions was less than one percent, it was among the ten highest vulnerable countries facing the risks of climate change.
He mentioned that fast-melting glaciers were a major threat to the climate and said his government has launched several green initiatives including the billion tree tsunami to tame the consequences of global warming.
Imran said Pakistan was committed to spearheading innovative nature preservation and biodiversity initiatives and the green stimulus package.
He mentioned that the preservation of natural resources was taught to mankind by the Holy Prophet (PBUH) 1,500 years ago, which was relevant even today. Minister for Climate Change Malik Amin Aslam said Pakistan was blessed to realise its enormous blue carbon asset through a study conducted by the World Bank. He said the study showed that Pakistan’s existing coastal wetlands ecosystem particularly mangrove forests potentially stored 76.4 million tonnes of carbon dioxide equivalent.
He said it was encouraging that the ongoing mangrove reforestation drive under the billion tree project could additionally remove 25 million tonnes of CO2E by 2050.
Pakistan, he said, produced 3-5 percent of the total blue carbon of the world — an “unvalued” commodity valued for the first time by the country.
He stressed further research, mapping and monitoring of blue carbon by making an investment in education and training about the subject.
World Bank Pakistan Director Najy Benhassine presented to the prime minister the report on blue carbon, which for the first time, gives an economic value to the country’s unvalued marine wealth including mangroves and seagrasses.