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Event Title: Senator Seemee Ezdi, Chairperson Senate Standing Committee on Climate Change presiding over a Meeting of the Committee at Parliament House Islamabad

Event Date: 2023-11-08

A meeting of the Senate Standing Committee on Climate Change was held today at Parliament House with Senator Seemee Ezdi in Chair. During the session the committee focused on briefing about the Carbon Market Policy guidelines and Pakistan's strategy for COP28, specifically emphasizing the operationalization of the Loss and Damage fund.

Mr. Asif Hyder Shah, the Secretary of the Ministry of Climate Change (MoCC), provided a comprehensive overview of the Carbon market. He explained that the Carbon market comprises two significant components: the compliance carbon market and the voluntary carbon market. In the compliance carbon market, the government regulates emissions for specific industries, whereas the voluntary carbon market offers platforms for the voluntary procurement of carbon credits.

Furthermore, Mr. Shah highlighted that the global voluntary carbon market has experienced substantial growth, reaching 2 billion dollars, and is anticipated to expand further, ranging between 10 to 40 billion dollars. He also noted that countries such as India, China, Japan, and Indonesia have already established their carbon markets this year.

Mr. Shah emphasized that the Carbon Market Policy framework was developed aligning with the principles of the Paris Agreement. He added that the draft policy would be presented before the Federal Cabinet for approval. In response to the presentation, the committee unanimously endorsed the draft guidelines of the carbon market, considering it a pressing need of the hour.

The Secretary of the Ministry of Climate Change provided an in-depth overview of COP28 during the committee briefing, highlighting its schedule in Dubai, UAE, from November 30th to December 12th, 2023. He outlined key aspects of COP26, emphasizing its 10-year plan focusing on clean technology solutions and the launch of the Global Methane Pledge, to which Pakistan made a voluntary commitment. He further explained the committee on COP27’s establishment of the Loss and Damage fund, followed by the initiation of its architecture and operationalization plan. He also explained that Pakistan's active role in COP27, especially in light of last year's floods and chairmanship of the G77/China Group, positioned the country advantageously in discussions.

Ministry of Climate Change officials while briefing on COP28 explained that the agenda would encompass Loss and Damage Fund Architecture/Operationalization, Mitigation Work Program, Global Goal on Adaptation, Climate Finance, and First Global Stock-take (GST). The secretary of the Ministry of Climate Change stressed the critical importance of Pakistan's National Adaptation Plan due to its geographical vulnerability, emphasizing the need for building resistance.

The committee was attended by Senator Dr. Mohammad Humayun Mohmand, Senator Imamuddin Shouqeen, Senator Keshoo Bai, and the Senior Officials from the Ministry for Climate Change.