OICCI hosts 3rd Pakistan Climate Conference
KARACHI: The third Pakistan Climate Conference, organized by the Overseas Investors Chamber of Commerce and Industry (OICCI), began today at the Mövenpick Hotel, Karachi. The two-day event brings together policymakers, business leaders, environmental experts, and thought leaders to tackle the escalating climate crisis facing Pakistan and propose actionable solutions for mitigation and adaptation.
Federal Minister for Finance & Revenue, Muhammad Aurangzeb, addressed the attendees virtually, highlighting the critical importance of climate finance for Pakistan. He remarked: “I commend OICCI for organizing this vital conference to confront the urgent climate challenges Pakistan faces. Ranked among the top 10 most climate-vulnerable countries globally, and with damages from the devastating 2022 floods exceeding $30 billion, the urgency for sustainable solutions and financing has never been greater. Pakistan requires an estimated $348 billion by 2030 to achieve its climate adaptation and mitigation targets.”PM’s climate coordinator lauded for bringing together global judicial fraternity for climate justice
He highlighted the crucial role of innovative financing mechanisms, stating: “Mobilizing sufficient climate finance demands enhanced access to international funding sources like the Green Climate Fund and the Adaptation Fund. The success of Pakistan’s first green Eurobond in 2021, which raised $500 million, illustrates our capacity to attract sustainable investments. Expanding such initiatives, alongside tools like green bonds, sustainability-linked loans, and carbon credits, will empower the private sector to play a leading role in climate action.”
The Minister reaffirmed the Ministry of Finance’s commitment to promote an enabling environment through fiscal reforms, regulatory support, and capacity building to attract both international and domestic investments in green projects.
Dr. Shamshad Akhtar, Chairperson of the Pakistan Stock Exchange and former Finance Minister, delivered the keynote address and opening remarks. Her speech emphasized the economic risks posed by climate change and the need for integrating resilience into national economic strategies.
Pakistan must urgently focus on nurturing its green finance markets to ensure sustainable development and resilience against climate challenges, Dr Akhtar said.
This requires developing a strong midterm strategic financing plan that aligns with our climate goals and economic priorities. Climate vulnerabilities are not just environmental risks but also the biggest economic threats we face, especially considering Pakistan’s economic struggles,” she added.
Yousaf Hussain, President of OICCI, reiterated the chamber’s commitment to sustainable development. He emphasized the importance of public-private partnerships and collaborative efforts to achieve Pakistan’s climate goals.
“Pakistan’s position as one of the most climate-vulnerable countries calls for urgent and collective action,” he stated. “This conference serves as a platform to catalyze transformative change, enabling us to address sustainability challenges and build a resilient future.”
