Govt all set to current draft Carbon Market Coverage framework earlier than federal cupboard for approval

ISLAMABAD-The federal government is all set to current draft Carbon Market Coverage framework earlier than the Federal Cupboard for approval because the ministry of local weather change anticipated that the worldwide voluntary carbon market will additional broaden.
This was disclosed by Secretary Local weather Change whereas briefing the Senate Standing Committee on Local weather Change which met with Senator Seemee Ezdi in chair. Throughout the assembly, the committee targeted on briefing in regards to the Carbon Market Coverage pointers and Pakistan’s technique for COP28, particularly emphasizing the operationalization of the Loss & Harm fund.
Asif Hyder Shah, the Secretary of the Ministry of Local weather Change (MoCC), offered a complete overview of the carbon market. He defined that the carbon market contains two important parts: the compliance carbon market and the voluntary carbon market. Within the compliance carbon market, the federal government regulates emissions for particular industries, whereas the voluntary carbon market affords platforms for the voluntary procurement of carbon credit.
Moreover, Shah highlighted that the worldwide voluntary carbon market has skilled substantial progress, reaching $2 billion, and is anticipated to broaden additional, ranging between $10 billion to $40 billion. He additionally famous that nations resembling India, China, Japan, and Indonesia have already established their carbon markets this yr.
Secretary Local weather Change emphasised that the Carbon Market Coverage framework was developed aligning with the ideas of the Paris Settlement. He added that the draft coverage can be offered earlier than the Federal Cupboard for approval. In response to the presentation, the committee unanimously endorsed the draft pointers of the carbon market, contemplating it a urgent want of the hour.
The secretary of the Ministry of Local weather Change offered an summary of COP28, highlighting its schedule in Dubai, UAE, from November 30th to December 12th, 2023. He outlined key points of COP26, emphasizing its 10-year plan specializing in clear expertise options and the launch of the International Methane Pledge, to which Pakistan made a voluntary dedication. He additional defined the committee on COP27’s institution of the Loss and Harm fund, adopted by the initiation of its structure and operationalization plan. He additionally defined that Pakistan’s lively position in COP27, particularly in mild of final yr’s floods and chairmanship of the G77/China Group, positioned the nation advantageously in discussions.
Ministry of Local weather Change officers whereas briefing on COP28 defined that the agenda would embody Loss and Harm Fund Structure/Operationalization, Mitigation Work Program, International Purpose on Adaptation, Local weather Finance, and First International Inventory-take (GST). The secretary of the Ministry of Local weather Change careworn the essential significance of Pakistan’s Nationwide Adaptation Plan because of its geographical vulnerability, emphasizing the necessity for constructing resistance. The committee assembly was attended by Senator Dr Mohammad Humayun Mohmand, Senator Imamuddin Shouqeen, Senator Keshoo Bai, and senior officers from the Ministry for Local weather Change.