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KARACHI, Mar 19 (APP):The Senate Standing Committee on Climate Change and Environmental Coordination, Wednesday, recommended submission of National Green Taxonomy and climate policies to the Council of Common Interests (CCI) and engagement of all provinces, parliament and other stakeholders as well as imparting mass awareness to ensure thorough compliance and better outcomes.
The meeting of the Senate Standing Committee held here at State Bank of Pakistan to review draft National Green Taxonomy (NGT) with Senator Sherry Rehamn in chair.
Senators Dr. Zarqa Suharwardhy, Qurat-ul-Ain Marri, Bushra Anjum Butt and Taj Haider, Governor SBP Jamil Ahmed, deputy governor Saleemullah, senior officials and representatives of the business community attended.
The committee chairperson, while addressing the meeting and later talking to media persons, emphasized the significance of Green Taxonomy and climate change adaptation and mitigation policies and said that green financing is being promoted across the world and Pakistan needed to make green financing more attractive to unlock private finance and address the challenges and risks posed by climate change.
She said that agriculture, land, transport, environment protection, and many other sectors are being governed by the provincial governments in the post 18th amendment era and provinces have an extended role in implementation of climate policies at grass root level.
CCI is a forum having representation from all the federating units and routing of the draft National Green Taxonomy through CCI will create a sense of ownership among all the provinces, she argued adding that the committee wishes active engagement of parliament, provincial and local governments as well as business and industrial communities in the process.
She also stressed on envisaging sector specific measures, fixing timelines and setting benchmarks to mobilize climate finance and attract green financing.
Senator Sherry Rehman lauded SBP’s approach in addressing the pressing issue and said that Pakistan is 2nd most vulnerable country from Climate Change and the Ministry of Climate Change and Environment Protection Agencies should take lead in action against carbon emission in the country.
Climate Change Adaptation and risk mitigation is a continuous journey and a significant structural shift is taking place, she noted and stressed that capacity building of the relevant agencies and creating a sense of responsibility among the masses regarding climate change and its far reaching implications were the need of the hour.
The Senate Committee also stressed on creating awareness in public and ensuring availability of the Green Taxonomy in local languages so that better understanding of relevant terminology could be developed particularly at the bottom of the social pyramid.
The Governor SBP, Jameel Ahmed, briefed the committee that Pakistan is among the most vulnerable countries as to environmental risks and the central bank is actively pursuing the objectives of promotion of green and climate financing in the country.
He said that the central bank issued Green Banking Guidelines in 2017 and Environmental and Social Risk Management Manual in 2022 while National Green Taxonomy was under process of development.
He said that National Green Taxonomy will make clear definitions available to banking and financial institutions for project identification and risk assessment. He also assured of due consultation with all the stakeholders before finalizing the National Green Taxonomy.
Deputy Governor SBP Saleemullah briefed the committee that the draft National Green Taxonomy is being developed in consultation with stakeholders as well as federal and provincial governments. The second draft of the NGT was issued in January this year to receive stakeholders’ feedback, and the final draft that was in final stages will be completed in light of received feedback in the first week of April, he added.
The NGT will remove ambiguities and clarify which projects fall in the category of green projects, he said adding that it will contribute in efforts for minimizing Carbon emissions in the country.
The chairperson Senate Standing Committee on Climate Change and Environmental Coordination Senator Sherry Rehman along with the committee member Dr. Zarqa Suharwardhy, SBP governor and senior executives paid a visit to the State Bank of Pakistan Museum and witnessed various sections of the museum.
She took keen interest in different items of historical importance and also penned down her comments in the guest book.