Call the policy for rapid carbon routes

Lahore:

Manufacturers and clothing exporters said that Pakistan’s first national coal market policy, launched last November, proves the country’s commitment to reduce emissions, but is lagging behind regional counterparts in ambition, sectoral coverage and worldwide coverage its effectiveness in attracting climate funding and investment.

In a statement, Pakistan’s regional president ready for manufacturers and the president of the Export Association (PRGMEA), Dr Ayyaz Uddin, observed that the new policy marked an important step in integrating carbon transaction into the broader climate strategy. Policy suggested that the government could encourage investment in the arrest and storage of carbon, as well as renewable energy sources through public-private corporate relations, in addition to revising the high coalition of carbon at a more flexible rate, ensuring the participation of the newly established businesses and the media.

It recommended the launch of national awareness campaigns and capacity build programs for the participation of communities and the private sector, as well as to decentralize governance, encouraging regional cooperation and the possibility of cross -border carbon transaction. Ayyaz Uddin said the government had pledged to reduce greenhouse gas emissions by 50% by 2030, with 15% unconditionally and 35% depending on international support.

Meanwhile, India has committed a 45% reduction in emissions by 2030 and China has set the target of the summit by 2030 and the achievement of carbon neutrality by 2060.

Bangladeshi’s national-defined contributions (NDCS) predict the unconditional reduction of 12 million tonnes (5%) to greenhouse gas emissions from the Scenario of Business-Connectors by 2030 and a reduction of 24 million tonnes (10%) with the support of of the international community. Bangladesh also focuses on renewable energy.

The regional president of PRGMEA was of the view that covering the Pakistan sector was narrow, where areas that had high emissions such as cement, steel and transfers were underpinned by the country’s strategy, while regional classmates and India and India and India China-more in the sectors. Advanced technologies such as conception and carbon storage and green hydrogen production were also areas where Pakistan was delayed, he said.

He noted that the government is currently developing a budding voluntary carbon market and operated without an official compliance framework. In comparison, the India market is more mature with an established Pat program (since 2012) and ongoing discussions on a wider carbon trading mechanism.

Meanwhile, Ghana is in a emerging phase, with initiatives to focus largely on Redd+ (reducing emissions from disapproval and forest degradation).

Ayyaz Uddin pointed out that Pakistan’s carbon market efforts were currently focused on areas such as agriculture and a growing energy sector. This contradicts India’s emphasis on heavy industry, including cement, steel, aluminum and power, Ghana’s focus on forestry alongside renewable energy and transfers and Bangladesh’s concentration on renewable energy mainly solar and wind energy) and agriculture.

Facing such challenges, Pakistan can boost carbon market policy, attract international investment and become a key player in the global climate action. While 2024 policy was one step forward, bold reforms and enhanced integration with international markets would be vital to achieving climate goals, he noted.