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KARACHI: The third Pakistan Climate Conference, organized by the Overseas Investors Chamber of Commerce and Industry (OICCI), commenced today at the Mövenpick Hotel in Karachi. The two-day event aims to unite policymakers, business leaders, and environmental experts to address Pakistan’s climate crisis, proposing actionable strategies for climate mitigation and adaptation.
According to a statement by Overseas Investors Chamber of Commerce and Industry, Federal Minister for Finance and Revenue, Muhammad Aurangzeb, addressed the attendees virtually, stressing the critical need for climate finance. He noted the significant damage from the 2022 floods, which exceeded $30 billion, and emphasized the necessity of securing an estimated $348 billion by 2030 to meet Pakistan’s climate targets.
Aurangzeb underscored the importance of innovative financing mechanisms, highlighting the success of Pakistan’s first green Eurobond in 2021, which raised $500 million. He advocated for expanding initiatives such as green bonds, sustainability-linked loans, and carbon credits to enhance private sector involvement in climate action.
He reaffirmed the Ministry of Finance’s dedication to fostering a supportive environment through fiscal reforms and regulatory measures to attract investments in green projects.
Dr. Shamshad Akhtar, Chairperson of the Pakistan Stock Exchange and former Finance Minister, delivered the keynote address, focusing on the economic risks of climate change and the integration of resilience into national strategies. Dr. Akhtar called for a strong midterm strategic financing plan aligned with climate goals and economic priorities to counter climate vulnerabilities.
Yousaf Hussain, President of OICCI, emphasized the chamber’s commitment to sustainable development through public-private partnerships. He highlighted the conference’s role in catalyzing transformative change to address sustainability challenges.
The conference features discussions on climate finance, economic impacts, decarbonization, and resilience partnerships, with insights from experts to build a cohesive climate action framework. Day 2 will focus on strategies and innovations for sustainable development, concluding with a call to action for effective climate solutions.
The event underscores the collective commitment to sustainability and a secure future for Pakistan.
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