ISLAMABAD: Pakistan will urge developed countries to fulfill past pledges and provide easy access to climate funding without attaching conditions as it attends the Conference of the Parties (COP29), which formally started in Baku today, Monday.
The annual UN climate summit will see tough talks on finance and trade, following a year of weather disasters that have emboldened developing countries in their demands for climate cash. Nearly 200 countries are gathering for the summit, where reaching a consensus for a deal among so many will be difficult.
“Pakistan is very clear on our stance on what we need from all the developed countries when it comes to the pledges, one, they need to complete their pledges, they need to fulfill their pledges, and two, easy access to the fundings,” Romina Khurshid Alam, PM Shehbaz Sharif’s coordinator on climate change, told Arab News in an interview this month.
Pakistan is ranked the 5th most vulnerable country to climate change, according to the Global Climate Risk Index. In 2022, devastating floods killed over 1,700 people and affected over 33 million, with economic losses exceeding $30 billion.
International donors last January committed over $9 billion to help Pakistan recover from the ruinous floods but little of that cash has yet to trickle in, according to officials.
Pakistan also regularly faces other climate change-induced affects such as droughts, cyclones, torrential rainstorms and heatwaves.
Currently, record-high air pollution levels have triggered hundreds of hospitalizations, school closures and stay-at-home orders in the eastern city of Lahore and other cities in the populous Punjab province, which has been enveloped in a thick, toxic smog since last month.
A mix of low-grade fuel emissions from factories and vehicles, exacerbated by agricultural stubble burning, blanket Lahore and its surroundings each winter, trapped by cooler temperatures and slow-moving winds. The city of 14 million people stuffed with factories on the border with India regularly ranks among the world’s most polluted cities, but it has hit record levels this month, as has New Delhi.
Pakistani authorities have said archrivals Pakistan and India need to coordinate actions to temper toxic smog, which winds carry across the border.
“We are open to dialogues and open to come up with the solution, we want to get the things done by dialogue,” Alam said, noting that the chief minister of Pakistan’s Punjab had also urged India to pursue diplomacy to resolve this issue.
“This is not a game, the main thing is to think about the children and to think about the future.”
Last year, the Punjab government tested artificial rain to try to overcome the smog, and this year, trucks with water cannons have sprayed the streets, with no results.
The WHO says air pollution can trigger strokes, heart disease, lung cancer and other respiratory diseases. It is particularly punishing for children and babies, and the elderly.
Pakistan to press developed nations for unconditional climate funding at COP29
https://arab.news/p5x7w
Pakistan to press developed nations for unconditional climate funding at COP29
- Annual summit will see tough talks following year of disasters that have emboldened developing countries in demands for climate cash
- Pakistan goes to COP29 as record air pollution has triggered hundreds of hospitalizations, school closures, stay-at-home orders
Pakistan, global crypto exchange discuss modernizing digital payments, creating job prospects
- Pakistani officials, Binance team discuss coordination between Islamabad, local banks and global exchanges
- Pakistan has attempted to tap into growing crypto market to curb illicit transactions, improve oversight
ISLAMABAD: Pakistan’s finance officials and the team of a global cryptocurrency exchange on Friday held discussions aimed at modernizing the country’s digital payments system and building local talent pipelines to meet rising demand for blockchain and Web3 skills, the finance ministry said.
The development took place during a high-level meeting between Finance Minister Muhammad Aurangzeb, Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib, domestic bank presidents and a Binance team led by Global CEO Richard Teng. The meeting was held to advance work on Pakistan’s National Digital Asset Framework, a regulatory setup to govern Pakistan’s digital assets.
Pakistan has been moving to regulate its fast-growing crypto and digital assets market by bringing virtual asset service providers (VASPs) under a formal licensing regime. Officials say the push is aimed at curbing illicit transactions, improving oversight, and encouraging innovation in blockchain-based financial services.
“Participants reviewed opportunities to modernize Pakistan’s digital payments landscape, noting that blockchain-based systems could significantly reduce costs from the country’s $38 billion annual remittance flows,” the finance ministry said in a statement.
“Discussions also emphasized building local talent pipelines to meet rising global demand for blockchain and Web3 skills, creating high-value employment prospects for Pakistani youth.”
Blockchain is a type of digital database that is shared, transparent and tamper-resistant. Instead of being stored on one computer, the data is kept on a distributed network of computers, making it very hard to alter or hack.
Web3 refers to the next generation of the Internet built using blockchain, focusing on giving users more control over their data, identity and digital assets rather than big tech companies controlling it.
Participants of the meeting also discussed sovereign debt tokenization, which is the process of converting a country’s debt such as government bonds, into digital tokens on a blockchain, the ministry said.
Aurangzeb called for close coordination between the government, domestic banks and global exchanges to modernize Pakistan’s payment landscape.
Participants of the meeting also discussed considering a “time-bound amnesty” to encourage users to move assets onto regulated platforms, stressing the need for stronger verifications and a risk-mitigation system.
Pakistan has attempted in recent months to tap into the country’s growing crypto market, crack down on money laundering and terror financing, and promote responsible innovation — a move analysts say could bring an estimated $25 billion in virtual assets into the tax net.
In September, Islamabad invited international crypto exchanges and other VASPs to apply for licenses to operate in the country, a step aimed at formalizing and regulating its fast-growing digital market.










