ISLAMABAD: Pakistan is drafting a “comprehensive policy framework” for the formation of its first carbon credits market, the prime minister’s office said in a statement on Monday after Premier Anwaar-ul-Haq Kakar chaired a meeting of the national Climate Change Council.
Carbon markets are becoming an indispensable tool in the global climate fight, with carbon pricing instruments now covering over 20 percent of global greenhouse gas emissions, generating $53 billion in revenue at the end of 2021, according to the Carbon Pricing Leadership Coalition, a 17 percent increase in revenue from the previous year.
A carbon offset credit is a transferable instrument certified by independent entities or governments, and each credit represents a reduction of one metric ton of carbon dioxide, or an equivalent greenhouse gas.
The credits, to be effective, must represent an environmentally sound project that helps to mitigate climate change, such as preserving a forest that was slated to be cleared, or the building of a clean energy project to eliminate burning of a fossil fuel. After purchasing a credit, a company can “retire” it to claim a reduction in their own greenhouse gas reduction goals.
Setting up a carbon market is part of efforts by Pakistan, one of the country’s worst hit by climate change, to reduce 15 percent green house gasses with the country’s own resources and 35 percent with the support of international grants by 2030.
“Approval to form a committee of experts from the Pakistan Climate Change Council under the Ministry of Climate Change of the Prime Minister,” the PMO said.
“The committee will work to create a comprehensive policy framework for the formation and trading of carbon credits market in Pakistan and to make it more efficient and effective.”
The meeting of the Climate Change Council, according to the PMO, also discussed policy guidelines for trade in carbon markets in Pakistan.
“The meeting was told that a comprehensive policy framework is being made in consultation with all relevant government agencies, NGOs and civil society, which will be implemented soon,” the statement added. “Under this, a strategy is being formed under the supervision of experts in this field to make trading of carbon credits in the carbon markets in Pakistan easy and useful for the country.”
There are broadly two types of carbon markets: compliance and voluntary, according to UNDP.
Compliance markets are created as a result of any national, regional and/or international policy or regulatory requirement. Voluntary carbon markets – national and international – refer to the issuance, buying and selling of carbon credits, on a voluntary basis.
The current supply of voluntary carbon credits comes mostly from private entities that develop carbon projects, or governments that develop programs certified by carbon standards that generate emission reductions and/or removals.
Demand comes from private individuals that want to compensate for their carbon footprints, corporations with corporate sustainability targets, and other actors aiming to trade credits at a higher price to make a profit.
Pakistan says working on ‘comprehensive policy framework’ to form its first carbon market
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Pakistan says working on ‘comprehensive policy framework’ to form its first carbon market
- In a nutshell, carbon markets are trading systems in which carbon credits are sold and bought
- One tradable credit equals one ton of greenhouse gas reduced, sequestered or avoided
Captain Agha reiterates Pakistan’s refusal to play India at the T20 World Cup
- India vs. Pakistan is usually the showpiece match in world tournaments, with the eyeballs on it rising into the hundreds of millions
- The boycott has caused an uproar and the International Cricket Council is trying to resolve the issue with the Pakistan Cricket Board
COLOMBO: Pakistan captain Salman Ali Agha has reiterated that his team will abide by his government’s ruling not to play India in the much-anticipated Twenty20 World Cup fixture next week.
India vs. Pakistan is usually the showpiece match in world tournaments — the eyeballs on it rise into the hundreds of millions. The boycott has caused an uproar and the International Cricket Council is trying to resolve the problem with the Pakistan Cricket Board.
At a captains’ media conference on Thursday, Agha repeated the team will follow its government’s advice.
“The India game is not in our control,” Agha said. “The government has decided and we respect that. Whatever they are saying we’ll do.
“We are playing three other (group) games and we are excited about that.”
Pakistan’s World Cup opener is against the Netherlands on Saturday in Colombo. It will play all of its games in co-host Sri Lanka. Namibia and the United States are also in the group. The India game is scheduled for Feb. 15 in Colombo.
In Mumbai, India captain Suryakumar Yadav said they were going to Colombo whether the match was on or not.
“(Our) mindset is pretty clear,” Yadav said. “We did not refuse to play them. The refusal came from them. ICC organized the fixture. BCCI and (Indian) government decided to play in neutral venue in coordination with ICC. Our flight to Colombo is booked. So we are going. We’ll see what happens later.”
The Pakistan government decision came after Bangladesh was kicked out of the World Cup by the ICC. Bangladesh refused to play in India for security reasons and wanted its games moved to Sri Lanka but the ICC dismissed those concerns.
Agha said he was saddened that Bangladesh wasn’t playing in the World Cup for the first time and asked Bangladeshi fans to back his team.
Pakistan has accused the ICC of double standards and not accommodating security concerns. India and Pakistan do not play in each other’s territory and meet in ICC tournaments only at neutral venues.
Their countries are embroiled in military and diplomatic tensions which have spilled into sports for more than a decade. Last year at the men’s Asian Cup and Women’s World Cup, the teams did not shake hands when they met.
