‘Climate challenge needs coordinated actions from key stakeholders’

F.P. Report

KARACHI: Overseas Investors Chamber of Commerce and Industry (OICCI), the collective body of over 200 foreign investors, launched a whitepaper titled, “Synergizing the Climate Ambition: A Blueprint for Achieving NDCs through Private Sector Engagement in Pakistan”.

The paper was presented at a Round Table which featured Dr. Shamshad Akhtar, Waqar Hussain Pulpoto, Ali Tauqeer, and experts from academia, corporates, and social sector organizations.

The white paper incorporates the key learnings and insights from Pakistan Climate Conference 2022, organized by OICCI in Karachi on March 16, 2022. The conference brought together global climate experts, policy makers and corporate decision-makers including global CEOs, Mr. Alan Jope (Unilever), Mr. Jesper Brodin (IKEA), Mr. Bill Winters (Standard Chartered Bank), and Mr. Alok Sharma, President COP26. This white paper also showcases the best practices from the industry, highlights the commitment of OICCI members, such as Chevron, Indus Motors, Engro Corporation and Unilever etc. to promote positive climate actions accompanied by an outline for action to boost public-private investment in climate change adaptation and resilience.

Pakistan made an ambitious commitment, according to the OICCI white paper, of reducing 50% emissions by 2030 in the Nationally Determined Contributions (NDCs) targets presented at the 26th Conference of Parties (COP26). Under Pakistan’s NDCs, about 15% of the total proposed emissions reduction is unconditional whereas the remaining 35% is to be achieved subject to conditional support from bilateral and multilateral sources.

Dr. Shamshad Akhtar while addressing the round table mentioned, “PSX launched ESG taskforce and interaction with all the corporates in Pakistan. ESG compliance is very important for attracting foreign direct investment and is a very attractive instrument to attract long term investment.”

“With ever-rising greenhouse gas concentrations and accumulated heat, the past eight years have been the warmest on record. Heatwaves, droughts, and floods have affected millions making it evident that climate change is a grave and mounting threat globally”, said Vice President OICCI and CEO Unilever Pakistan Amir Paracha during the report launch event. “Pakistan is the 5th most vulnerable country despite having less than 1% greenhouse gas emissions. Taking the right actions now can move us towards a fairer, more sustainable world by addressing climate change”, he added.

The industries will require, as per OICCI white paper, transforming business models that could open new revenue streams and drive innovation. However, the industry partners cannot work alone without the support from government, civil society, and consumer bodies. Coordinated actions, behavioral change, financial commitments, and compliance with regulatory frameworks will be needed, highlights the white paper.

The OICCI’s recommended roadmap aims at harmonizing the efforts, sharing learnings of OICCI members such as Shell Pakistan, Siemens, Total Parco and Nestle etc. and lead the way for other industry players. The monitoring and evaluation mechanism suggested in the working paper will help consolidate data and efforts for promoting collaborations as well as support the industry and government stakeholders to streamline the projection and demonstration of their work.

“Pakistan is at a crossroads, the decision it takes today will impact the sustainability of its future” commended M. Abdul Aleem, CE/Secretary General, OICCI, adding that, “a key outcome proposed by OICCI through this white paper is the recommendation to the Government to adopt three primary resolutions to mobilize climate action amongst stakeholders across the country – Set up a Climate Change and Corporate Implementation Task Force, establish a Steering Committee that reviews and gradually raises the bar for improving the Climate Related Disclosures thoughtfully and develop a Pakistan Climate Knowledge Sharing Initiative”.