Transparent Carbon Markets Could Save $250B Annually, Says Romina Khurshid
Staff Report:
Transparent international carbon markets can lower the cost of implementing nationally determined contributions (NDCs) by as much as $250 billion annually, thereby strengthening Pakistan’s climate initiatives.
Romina Khurshid Alam, the Prime Minister’s Coordinator on Climate Change and Environmental Coordination, highlighted this point during a seminar titled “From COP 29 Commitments to COP 30 Action: A Critical Analysis,” held at the National University of Sciences and Technology (NUST).Romina urges expansion of marine protected areas’ cover
She stressed the critical role of reliable and transparent cross-border carbon markets in reducing implementation costs for NDCs and enhancing Pakistan’s climate actions.
Her observations aligned with findings from the global stocktake and the Intergovernmental Panel on Climate Change’s (IPCC) Sixth Assessment Report, which underscored global failure to achieve the Paris Agreement’s target of limiting temperature rise to 1.5°C.
Romina emphasized Pakistan’s active contributions at COP29, including technical negotiations and bilateral discussions, which established the country as a significant voice in global climate dialogues.
Other experts participating in the event included Additional Secretary Zulfiqar Younas and Carbon Market Specialist Sana Rasool from the Ministry of Climate Change (MoCC), alongside NUST representatives Dr. Faisal Abbas, Dr. Majid Ali, and Dr. Salman Atif. Their discussions centered on carbon credit mechanisms and the critical role of academia in addressing climate challenges.
On the financial front, Ms. Romina mentioned the $300 billion annual commitment under the Baku finance goal, complemented by an anticipated $1 trillion in carbon market flows by 2050. She explained that these financial resources could play a transformative role in supporting Pakistan’s climate efforts, particularly in mitigation and adaptation. “Pakistan must strategically align itself to access these funds to effectively implement its climate strategies,” she asserted.
She also pointed out the potential of over $730 million pledged for projects beginning in 2025, which could aid in mitigating damages from climate-induced disasters, including the catastrophic 2022 floods.
Addressing gender-responsive climate action, she highlighted the extension of the Lima Work Programme on Gender as an opportunity to empower grassroots women’s organizations and indigenous women in climate resilience and mitigation activities.
Romina further stressed the need to enhance data management and reporting systems to meet international standards, enabling Pakistan to benefit from global capacity-building initiatives and improve its climate governance through greater transparency.
She expressed Pakistan’s intent to build upon its leadership momentum from COP29. With the support of academic partners like NUST, she noted that Pakistan could position itself as a major player in international climate governance. “Academia plays a critical role in ensuring Pakistan’s competitiveness in emerging climate finance and carbon markets,” she remarked.
Finally, Romina highlighted the launch of the Greentech Hub, an initiative aimed at fostering technological innovation to help industries in Pakistan achieve international climate standards. “A strategic focus on these opportunities will align Pakistan’s climate goals with its broader sustainable development priorities,” she concluded.
