ISLAMABAD: Pakistan’s top climate change official on Sunday voiced concern over the widening gap between global climate commitments and the needs of vulnerable nations as COP29 ended in Azerbaijan.
Addressing the closing plenary, Romina Khurshid Alam, Prime Minister’s Coordinator on Climate Change, emphasized Pakistan’s acute vulnerability to phenomenon, citing devastating floods, glacial melt, extreme heatwaves and droughts that have affected millions and strained the country’s resources.
“Climate justice is not charity; it is a moral obligation,” she said during her statement, criticizing the mismatch between developed nations’ pledges and the requirements of developing countries to implement their climate plans.
The Pakistani official welcomed the adoption of the Baku Climate Unity Pact, though she expressed “mixed feelings” about the outcomes.
“We note critical gaps in the decisions adopted here,” she said. “Global solidarity is important, but the goals set by developed countries fall short of addressing the needs of developing nations to implement their NDCs [Nationally Determined Contributions] and National Adaptation Plans.”
Alam highlighted the inequity in the international climate finance system, pointing out that countries like Pakistan are being forced into debt to manage the fallout of climate disasters.
“The climate crisis is turning into a debt crisis because the means of implementation are not clear,” she added.
The Pakistani official urged all parties to return to the negotiating table with renewed determination ahead of COP30.
“Multilateralism remains the cornerstone of Pakistan’s climate diplomacy, and we hope for greater equity and commitment in addressing outstanding critical issues,” she added.
Pakistan is ranked as the 5th most vulnerable country to climate change, according to the Global Climate Risk Index. Apart from floods, droughts and heatwaves, the country’s eastern cities in Punjab have also witnessed unprecedented smog, taking the AQI level as high as 2,000.
Pakistan urges climate justice at COP29, highlights gaps in global commitments
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Pakistan urges climate justice at COP29, highlights gaps in global commitments
- It highlights mismatch between developed nations’ pledges and developing countries’ needs
- Romina Alam says Pakistan is forced into debt to manage the fallout of climate disasters
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.
