ISLAMABAD: Pakistan’s federal cabinet on Friday approved policy guidelines for trade in carbon markets that help channel financial resources to reduce carbon emissions and mitigate their contribution to climate change.
Carbon markets are carbon pricing mechanisms enabling governments and non-state actors to trade greenhouse gas emission credits. There are two types of carbon markets: compliance and voluntary. In compliance markets such as national or regional emissions trading schemes, participants act in response to an obligation established by a regulatory body.
In voluntary carbon markets, participants are under no formal obligation to achieve a specific target. Instead, non-state actors such as companies, cities or regions seek to voluntarily offset their emissions, for example, to achieve mitigation targets such as climate neutral, net zero emissions.
The new guidelines aim to establish a clear regulatory framework for governing both voluntary and compliance carbon market activities in Pakistan, following international requirements and good practices.
“The federal cabinet approved policy guidelines for trading in the carbon market on the recommendation of the Ministry of Climate Change and Climate Coordination,” Prime Minister Shehbaz Sharif’s office said in a statement after the meeting.
Pakistan’s Ministry of Climate Change marked Nov. 16 as the Pakistan Pavillion’s “Carbon Market Day” and organized a high-level event on carbon markets at the UN COP29 climate summit to cement Pakistan’s commitment to participation in the new global carbon market.
Nearly 200 governments agreed on the framework that sets up a centralized global mechanism with clear rules and procedures for countries and companies involved in carbon credit transactions.
Pakistan’s policy guidelines aim to foster investments in energy, agriculture and forestry sectors, according to state media. Through these carbon markets, businesses will be encouraged to adopt eco-friendly technologies and reduce greenhouse gas emissions.
Under Article 6 of the Paris Agreement Crediting Mechanism (PACM), developing countries can host emissions reduction and removal projects and trade the resulting carbon credits internationally as a means to generate new revenue streams and unlock investment in ambitious climate action.
Pakistan’s “Carbon Market Policy Guidelines” outline a cohesive strategy and authorization criteria, which prioritizes investment in resilience and climate change adaptation, and works closely with provincial governments, the UN Environment Program says on its website.
“While these guidelines offer cultural and geographical nuance for each province’s differential needs, they set stringent quality control criteria, thus ensuring high-quality project development with substantial co-benefits. Finally, countries will experience a competitive and cost-efficient framework that emphasizes fairness in benefit distribution,” the document says.
A number of project opportunities have already been identified on the basis of which the government of Pakistan intends to initiate dialogues on Article 6 collaboration, according to the UN.
Pakistan’s cabinet approves policy guidelines for trade in carbon market
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Pakistan’s cabinet approves policy guidelines for trade in carbon market
- The new guidelines will establish regulatory framework for governing both voluntary and compliance carbon market activities
- These markets are carbon pricing mechanisms that enable governments, non-state actors to trade greenhouse gas emission credits
Pakistanis among 44 migrants rescued by aid ship off Libyan coast
- Survivors rescued after days at sea on unseaworthy boat in international waters
- Pakistanis have featured in several deadly Mediterranean migrant disasters in recent years
Crew members of the humanitarian rescue ship Ocean Viking evacuated and provided first aid to 44 migrants stranded aboard a merchant vessel in international waters off the Libyan coast, the NGO SOS Mediterranee said on Monday.
The group, originating mainly from Bangladesh, Pakistan and Egypt, had been rescued earlier from an unseaworthy fiberglass boat and later transferred to the merchant ship before the Ocean Viking intervened, according to the organization.
Libya, about 300 kilometers from Italy, remains one of the main departure points in North Africa for migrants attempting the dangerous Mediterranean crossing, despite repeated warnings from humanitarian agencies about abuse, exploitation and high fatality rates along the route.
Migrants often depart Libya after months in detention centers or informal holding sites, boarding overcrowded and unsafe vessels operated by smuggling networks. Delays in rescue frequently leave survivors severely weakened, aid groups say.
“These 44 people, they are mainly from Bangladesh, Pakistan, and Egypt. They departed reportedly from Benghazi (Libya) some five or six days ago. And they are now safe on board the Ocean Viking, recovering,” Francesco Creazzo, spokesperson for SOS Mediterranee, said.
Creazzo said the migrants were found in severe physical distress when evacuated.
“They were exhausted, coughing of dehydration, extremely weak, some couldn’t walk,” he added.
The Ocean Viking, an ambulance ship operated by SOS Mediterranee, regularly conducts search-and-rescue missions in the central Mediterranean, one of the world’s deadliest migration routes. According to international organizations, thousands of people have died or gone missing in the Mediterranean over the past decade while attempting to reach Europe.
The latest rescue comes amid a series of deadly migrant disasters in the Mediterranean in recent years that have involved Pakistani nationals. In June 2023, at least several hundred migrants died when the Adriana, a fishing trawler carrying migrants from Pakistan and other countries, capsized off the coast of Greece in one of the deadliest maritime disasters in the region in a decade.
Earlier incidents have also seen Pakistani migrants perish in shipwrecks off Italy, Tunisia and Libya, highlighting the persistent risks faced by people attempting irregular sea crossings to Europe. Pakistani authorities have repeatedly urged citizens not to undertake the journey, while international agencies warn that smugglers continue to exploit economic hardship and conflict to lure migrants onto unsafe boats.
