February 26, 2025 (MLN): The carbon market policy has been launched, and the first draft of rules under the policy has been prepared and is currently being reviewed by an expert committee.This was stated by Zulfiqar Younas, Additional Secretary of the Ministry of Climate Change, during a webinar hosted by Karandaaz Pakistan for the launch of its report titled "Carbon Credits Trading – Exploring Landscape and Regime in Pakistan."The carbon market is a virtual market where supplier companies can offer credits and buyer companies can buy credits, according to the press release issued today.In such a market, the value of the credit largely depends on how the credit is developed and how communities benefit from it.Karandaaz Pakistan hosted this webinar in its commitment to advancing financial inclusion and sustainable economic growth.The event convened key stakeholders from the public and private sectors to explore the challenges and opportunities of establishing a structured carbon trading framework in Pakistan.Raza emphasized the significance of carbon markets in achieving Pakistan’s climate goals and attracting green investments.He highlighted the crucial role of the private sector, stating that the global private sector is already committed to addressing climate change.He added that new, more efficient, and cheaper technology is not just an expectation but a reality, with many countries enforcing compliance with sector-specific emission ceilings.Pakistan’s strengths in nature-based solutions (NbS), clean energy, and sustainable agriculture position it well for global carbon credit transactions.However, challenges such as policy ambiguities, lack of local verification bodies, and limited technical capacity remain key hurdles.Waqas ul Hasan, CEO of Karandaaz, emphasized the reality of climate change and the global commitment to sustainable development.He highlighted that the Paris Agreement, particularly Article 6, reflects this commitment.He further noted that carbon markets are highly complex, influenced by scientific research, global sustainability goals, protectionist forces, and geopolitical dynamics, making it essential to build capacities to secure a fair share in this system.Aisha Humera Chaudhry, Secretary of the Ministry of Climate Change, emphasized the importance of establishing a functional carbon market to fully utilize its potential.She stated that the ministry aims to operationalize the carbon credits market, allowing the private sector to benefit from these opportunities and raise climate finance.She also mentioned that they are engaging in bilateral discussions with interested countries and developing a national registry, with hopes of initiating transactions by the end of the year.During the webinar, Maha Qasim from Zero Point Partners presented key findings from Karandaaz’s latest report, Carbon Credits Trading: Exploring Landscape and Regime in Pakistan.The report offers an in-depth analysis of Pakistan’s carbon market potential, the newly introduced policy framework, and opportunities for private sector participation.The first panel, titled, ‘Operationalizing the Carbon Credits Market in Pakistan’ was moderated by Navid Goraya, Chief Investment Officer at Karandaaz.The second panel, ‘Leveraging Carbon Markets for Scaling up Private Sector Investment in Pakistan’ was moderated by Ali Akbar Ghanghro, Senior Manager of Research & Insights at Karandaaz.Jo Moir, Development Director at FCDO, highlighted the UK’s commitment to green growth in Pakistan and the crucial role of carbon markets in unlocking climate finance.She emphasized that economic growth cannot be sustained without addressing the growing threat of climate change.Urging immediate action, she stressed the need for adaptation and resilience to drought, floods, and extreme heat, with carbon markets playing a key role in securing essential climate finance.Karandaaz remains committed to supporting Pakistan’s transition to a green economy through investment, research, and multi-stakeholder collaboration.The discussions held during the webinar mark a significant step toward unlocking the country’s potential in global carbon markets.Copyright Mettis Link NewsPosted on: 2025-02-26T22:45:03+05:00The post Govt unveils carbon market policy, draft rules under review appeared first on Mettis Global Link.