ISLAMABAD: Ambassador of Denmark, Jacob Linulf, said on Thursday that the carbon market is a new opportunity for Pakistan to improve its economic situation and reduce carbon emissions for green growth through sustainable and environmentally friendly practices.
He was speaking at a one-day capacity-building workshop for journalists, Climate Smart Reporting: Carbon Markets and Equitable Development, jointly organized by the Sustainable Development Policy Institute (SDPI) and the Embassy of Denmark.
Ambassador Linulf said that climate change has a negative impact on the planet and it is important for Pakistan and Denmark to develop strategies to prevent risks to humanity and biodiversity.
He said that Denmark has completed the green transition and has changed its energy sector from an energy mix dependent on fossil fuels to a greener one based on solar, wind and biomass.
The Danish Ambassador said that the Indonesian Embassy is cooperating with SDPI to share experience and knowledge. He said that Danish companies have enough technology to influence climate change that they can collaborate with Pakistani partners.
“Pakistan is facing a double crisis; “Combined with the economic recession and climate change, the 2022 flood will cover 1/3 of the country and leave millions of people homeless, with billions of dollars worth of goods, infrastructure and crops ready to collect,” he said.
He said that the carbon market can be an important tool in developing the right and effective tools to reduce carbon emissions and take advantage of the latest mechanisms to fight climate change, but it should be considered only as a financial tool.
He said business leaders can lead in the effect of green transition, especially in the steel, fertilizer and cement industries, where carbon regulation can be a tool together with fuel regulation and waste management.
Dr. Abid Qayyum Suleri, Executive Director of SDPI, in his opening speech, said that addressing the educational gap is the way forward, utilizing international expertise and collaboration with relevant stakeholders.
Dr. Suleri said that journalists can shape public opinion and guide policymakers in adopting an effective carbon market, and both think tanks and the media can benefit from each other’s experience to reduce carbon emissions.
The carbon market is not the only solution to the climate crisis, says UNEP Copenhagen’s Special Representative for Hydrocarbon Markets, Soren Lutken, and the idea of replacing emissions rather than reducing them.
He said there is a need to dispel the myth that Pakistan is a cheaper mechanism to reduce emissions and has missed the train to address the Carbon Limit Adjustment Mechanism (CBAM).
He said the country needs to create a clear policy framework to determine when to enter the carbon market.
“There are partnerships around the world that want to buy carbon credits that must be explored effectively with clear policy direction and leadership,” he said.
Nadeem Nawaz, Special Advisor and Country Manager, Danish Energy Agency and Global Partnerships, briefed on Pakistan’s long-term energy planning strategy up to 2050.
He said that Pakistan needs to develop a reliable road map that will lead to attracting more investors in the study of carbon credits.
Senior Economist and Energy Expert, SDPI, Dr. Khalid Waleed and SDTV Tahir Dhindsa gave memories to the Minister and experts.
Inaugurating the seminar, Dr. Khalid Waleed explained the participants about the concept of the Carbon Market and its relationship with the economy and the role of CBAM in creating awareness in the future to prevent serious impacts on the country’s exports.
Engineer Ubaid-Ur-Rehman, Head of Energy Division, SDPI, Saleha Qureshi, Associate Research, SDPI and Zainab Naim, Associate Research facilitated the work of the panel and presented presentations on various aspects of CBAM and the Carbon Market.
SDPI Executive Director Dr. Abid Suleri distributed certificates to the participants.
