ISLAMABAD: Pakistan’s climate change minister has reaffirmed the country’s commitment to rolling out its first national carbon market, following a meeting on Tuesday with a United Nations-backed initiative helping the country build on carbon market policy guidelines launched last year.
Federal Minister for Climate Change and Environmental Coordination Dr. Musadik Malik hosted a delegation from SPAR6C, the Supporting Preparedness for Article 6 Cooperation program, which is overseen by the United Nations Environment Programme (UNEP).
The five-year project is helping Pakistan, Colombia, Thailand and Zambia develop the capacity to trade carbon credits under Article 6 of the Paris climate accord.
“Pakistan is committed to building a robust, transparent, and inclusive carbon market,” Malik said, according to a statement released by his office, adding that deeper cooperation with international partners and the domestic private sector will be key to delivering on the country’s climate goals.
The ministry noted that the meeting reviewed support for Pakistani students who have been trained or conducted research on emissions trading under SPAR6C. Both sides also discussed “ongoing and upcoming carbon trading opportunities in Pakistan and potential projects under evaluation,” though no new agreements were announced.
Pakistan presented its draft carbon market policy guidelines at COP28 in Dubai last year and has been preparing to formally roll them out at COP29 in Baku later this year. Under Article 6 of the Paris Agreement, countries can cooperate on cutting emissions by trading carbon credits, potentially unlocking new revenue streams for developing economies.
The South Asian nation does not yet have an operational carbon trading platform but has launched policy guidelines and is developing systems to implement its first market. It ranks among the world’s most climate-vulnerable countries, facing frequent floods and heatwaves, while contributing only a fraction of global greenhouse gas emissions.
It has pledged to cut projected emissions by 50 percent by 2030, conditional on international financing and support. SPAR6C’s work in Pakistan includes technical assistance, student training and pilot activities to help the country develop robust standards for carbon trading.
