Islamabad, Today’s meeting of the Senate Standing Committee on Climate Change, led by Senator Seemee Ezdi, focused on Pakistan’s Carbon Market Policy guidelines and the upcoming strategy for COP28. Key issues included the establishment of the Loss and Damage fund and operational details.

According to Senate of Pakistan, the Secretary of the Ministry of Climate Change, Mr. Asif Hyder Shah, presented a detailed account of the Carbon Market, distinguishing between the compliance and voluntary markets. The policy framework, aligning with the Paris Agreement, is set for Federal Cabinet approval. The committee supported the draft guidelines, recognizing the urgency and potential economic benefits.

Mr. Shah also provided an extensive briefing on the plans for COP28, scheduled in Dubai, UAE. Discussions centered on the Global Methane Pledge from COP26, the Loss and Damage fund from COP27, and Pakistan’s significant role due to recent flood impacts and its leadership of the G77/China Group. The COP28 agenda will cover various crucial topics, including Climate Finance and the first Global Stock-take.

The session was attended by several senators and senior officials from the Ministry of Climate Change, emphasizing Pakistan’s geographic vulnerabilities and the need for an effective National Adaptation Plan.