LAHORE: Planning and Development Board chairman Iftikhar Ali Sahoo has emphasised the need to develop a roadmap for carbon trading, focusing on key areas, such as urban development, forestry, environment, transport, and energy.

To support the federal government’s initiatives in formulating a policy framework for its inaugural carbon credit markets, the Project Coordination Unit (PCU) of the Punjab Green Development Programme organised a consultative session in collaboration with REMIT (Revenue Mobilisation, Investment and Trade) at the AKS Auditorium at P& D Board on Friday, themed “Understanding Project Cycle for moving into Carbon Markets”.

The session discussed climate change in Pakistan, encompassing the current state of the sector, awareness of carbon markets, sectorial opportunities, challenges, international collaboration, partnerships, and future action plans.

REMIT team leader Hamed Yaqoob Sheikh discussed the friendly environment for strengthening the carbon credits market in Punjab. He highlighted its potential to support Pakistan in climate adaptation and create opportunities for international climate finance. Sheikh also outlined REMIT’s objectives, aiming to bolster macroeconomic stability and enhance conditions for high and sustained inclusive growth.

Leading experts shared insights and experiences from the Delta Blue Carbon Project (DBCP) in Sindh during the session. The DBCP earned carbon credits by restoring over 350,000 hectares of degraded mangroves, resulting in a reduction of 142 million tonnes of CO2 emissions.

Bilal Anwar, CEO of the National Disaster Risk Management Fund, elaborated on the positive outcomes of carbon marketing.

The session was attended by the P& D Board, chief minister office, NDRMF, REMIT, PCU PGDP, Energy, EPD, Ruda, SDPI, Spaarc, and transport, and forest departments of Punjab and Sindh. Ahad Yousaf Khan moderated the session.

Published in Dawn, November 25th, 2023