ISLAMABAD: Prime Minister’s Coordinator on Climate Change Rumina Khurshid Alam on Friday stressed the urgent need for strong action on climate change.
She was addressing a seminar on ‘COP 29 Commitments COP 30 Action: A Critical Analysis’ at the National University of Sciences and Technology (NUST) here. His remarks follow the findings of the Global Stock Exchange and the Intergovernmental Panel on Climate Change’s Sixth Assessment Report, which highlighted the world’s commitment to limiting global temperature rise to 1.5 degrees Celsius. It has failed to meet the target of the agreement.
Romina highlighted Pakistan’s significant contributions to COP29, particularly in technical negotiations and bilateral engagements, positioning the country as a leader in global climate discussions.
He also highlighted the importance of reliable and transparent cross-border carbon markets, which could reduce the cost of implementing nationally determined contributions by up to $250 billion per year, allowing Pakistan to leverage its climate action efforts. It will help to increase.
Zulfiqar Younis, Additional Secretary, Ministry of Climate Change, and Sana Rasool, Carbon Market Expert, along with Dr. Faisal Abbas, Dr. Majid Ali, and Dr. Salman Atif from NUST highlighted carbon credits and the role of academia in mitigating climate impacts.
On financial opportunities, Romina highlighted the annual core commitment of $300 billion under the Baku fiscal target, as well as $1 trillion in carbon markets by 2050. Mitigation and Adaptation Pakistan must strategically position itself to access these financial flows to support its climate projects. said.
The prime minister’s aide also discussed the possibility of pledging more than $730 million for projects starting in 2025, which could be leveraged to offset losses from climate disasters, including catastrophic 2022 flood damage.
On gender-responsive climate action, Romina noted the expansion of Lima’s work program on gender, which provides an opportunity to empower grassroots women’s organizations and indigenous women in climate adaptation and mitigation efforts.