Islamabad, Aug 21: Pakistan’s Climate Crossroads: Private Sector Solutions to Pakistan’s Climate Challenges is an enlightening paper released by the Overseas Investors Chamber of Commerce and Industry (OICCI).
OICCI President Rehan Shaikh said in response to the report, “Business growth can no longer come at the expense of the environment, given the climate vulnerabilities threatening Pakistan.” The green transition should be viewed as a means of generating new employment opportunities and means of subsistence, and profits on private sector investments should be connected to sustainability.
The study highlights the important components of Pakistan’s climate policy, such as the country’s action plans, needs analysis, vulnerability assessment, resilience, and plans for mitigation and adaptation to the changing climate. It is determined that the private sector is essential to promoting climate solutions.
“Addressing Pakistan’s climate challenges requires urgent and collective action,” said Dr. Abid Suleri, International Advisory Committee Member of COP29 and Executive Director of the Sustainable Development Policy Institute (SDPI), during the report’s publication. He underlined the need to change people’s opinions of the private sector, emphasizing that because of its critical role in advancing long-term solutions that will safeguard Pakistan’s future, it should be seen as a part of the solution rather than a part of the issue.
Additionally covered in the OICCI Climate Report is how businesses may incorporate climate action into their operations by implementing sustainable supply chain management, meeting ESG standards, encouraging investment in carbon markets, and cultivating public-private partnerships for environmentally friendly development. The report showcases the efforts undertaken by members of OICCI in various domains.
According to Andrew Bailey, a member of the OICCI Managing Committee, “since Pakistan is one of the five most vulnerable countries, there is an urgent need to focus on sustainable solutions that consider local contexts and materials.” He went on, “Investing in ideology, research, and long-term solutions rather than on quick fixes should be the nation’s focus.”
The research expands upon findings from the OICCI 2nd Pakistan Climate Conference, which took place in 2023, thanks to a knowledge relationship with the SDPI. Global climate experts, policymakers, and corporate decision makers were present at the conference. Notable attendees included Dr. Shamshad Akhtar, the former minister of finance, SECP Chairman Akif Saeed, Bill Winters, the group CEO of Standard Chartered Bank, WWF President Adil Najam, and Philip Skinner, the managing director of GuarantCo.
