Pakistan recently hosted its third Climate Conference, organized by the Overseas Investors Chamber of Commerce and Industry (OICCI).
Held at the Mövenpick Hotel in Karachi, this two-day event brought together government officials, business leaders, environmental specialists, and industry thinkers to discuss the country’s growing climate issues and explore practical solutions for adaptation and mitigation.
Federal Minister for Finance and Revenue Muhammad Aurangzeb spoke to participants virtually and stressed the importance of securing funding to address climate challenges. He highlighted the $30 billion in damages caused by the catastrophic 2022 floods and emphasized the need for $348 billion by 2030 to meet Pakistan’s climate goals.
Aurangzeb pointed to the success of Pakistan’s first green Eurobond in 2021, which raised $500 million, as proof of the country’s ability to attract sustainable investments. Aurangzeb suggested expanding tools like green bonds, sustainability-linked loans, and carbon credits to increase private sector participation in climate-related efforts.
He also assured attendees that the Ministry of Finance is committed to creating policies and reforms encouraging domestic and international investments in green initiatives.
Dr. Shamshad Akhtar, the Pakistan Stock Exchange Chairperson and a former Finance Minister, delivered the keynote speech. She focused on the economic risks of climate change and stressed the importance of building climate resilience into national policies.
Dr Akhtar stated that developing a medium-term financing strategy aligned with Pakistan’s climate and economic priorities is essential. She warned that climate vulnerabilities are not just environmental challenges but significant economic threats, especially given the country’s current financial struggles.
OICCI President Yousaf Hussain reiterated the chamber’s dedication to sustainable development and underscored the need for partnerships between the public and private sectors to meet climate objectives.
“Pakistan’s position as one of the most climate-affected countries requires immediate and collaborative action,” he said. This conference is a step toward addressing these challenges and laying the groundwork for a sustainable future.”
The conference agenda included panel discussions and presentations on topics like climate finance, the economic effects of climate change, promoting circularity, reducing carbon emissions, and fostering public-private partnerships. Experts from Pakistan and abroad shared insights aimed at creating an actionable climate strategy.
The second day of the event focuses on driving practical solutions. Topics include policy recommendations and business innovations to encourage sustainable practices. The conference wraps up with a unified call for stakeholders to commit to implementing effective climate solutions.
This conference, organized with the backing of major organizations, underscores a collective effort to address Pakistan’s climate challenges and work toward a more secure and sustainable future.
