Islamabad, Nov 6: OICCI Hosts Pre-COP29 Dialogue to Amplify Private Sector Climate Action Initiatives. The Overseas Investors Chamber of Commerce and Industry (OICCI) hosted a high-level discussion at the 27th Sustainable Development Conference to support private sector-led solutions for climate resilience and green financing as Pakistan faces the urgent challenges of climate change.
Leaders from the public and commercial sectors as well as international organizations convened for the Pre-COP29 Policy Dialogue to discuss how corporate investment may help Pakistan achieve its climate goals.
Jason Avanceña, the CEO of Nestlé Pakistan and Senior Vice President of OICCI, emphasized the role of the corporate sector in climate change and urged the business community to take a calculated approach.
Addressing the session, Avanceña stated, “We cannot ignore the reality of climate change.” The private sector has a crucial role to play as we get ready for COP29, and OICCI is still dedicated to raising the funds and technological resources required to increase Pakistan’s climate resilience. By prioritizing sustainability and green finance, we hope to close the $152 billion adaptation funding gap.
Pakistan, one of the most climate-vulnerable nations in the world, is increasingly at risk from heat waves, floods, and other extreme weather conditions that jeopardize public health, food security, and economic stability. The terrible floods of 2022, which caused $15 billion in damages and nearly eight million displaced people, highlight how urgent it is to invest in sustainable solutions.
M Abdul Aleem, the secretary general of OICCI, reaffirmed the importance of private investment in these fields. “Climate change poses a threat to our stability and is not only an environmental problem, but also an economic and social one,” he said. “Green financing allows our members to contribute to a solution that benefits our economy and the environment, continuing OICCI’s longstanding commitment to sustainability.”
The Sustainable Development Policy Institute’s (SDPI) Executive Director, Dr. Abid Suleri, stressed the importance of public-private partnerships in accomplishing Pakistan’s climate goals. “Only by working together can we achieve our common objectives,” Suleri said. “We can close crucial funding gaps and improve Pakistan’s climate resilience by establishing policies that encourage investment and empower the private sector.”
Keynote speakers for the discussion included Samuel Rizk, the UNDP Pakistan Resident Representative, who offered views on cutting-edge financial tools to draw in climate capital. In addition to discussing their sustainability activities, panelists from prominent companies like Unilever Pakistan, Coca-Cola Company, HBL, and Engro Foundation also looked at methods to improve public-private cooperation in green financing.
The occasion highlighted OICCI’s important contributions to climate action, such as its participation in COP28 and its dedication to promoting sustainable practices. With Rs1.5 billion designated especially for environmental protection, OICCI members jointly donated over Rs13 billion to corporate social responsibility in 2023.
The OICCI is still dedicated to helping Pakistan achieve its national climate goals by taking concrete measures as it approaches COP29. The organization intends to use this platform to promote significant change and will keep pushing for sustainable business practices.
