Denmark to Partner with Pakistan in Attracting Foreign Investments for Climate Action: Ambassador Jakob

Denmark to Partner with Pakistan in Attracting Foreign Investments for Climate Action: Ambassador Jakob

Danish Ambassador to Pakistan, Jakob Linulf, emphasized Denmark’s commitment to working closely with the Sustainable Development Policy Institute (SDPI) to foster a supportive environment for climate action. Speaking at a policy dialogue titled “Post COP Dialogue: Operationalization of Article 6 of the Paris Agreement – The Road from Baku to Belem,” Ambassador Linulf highlighted Denmark’s dedication to helping Pakistan attract foreign investments aimed at addressing climate change.

Ambassador Linulf noted that climate change mitigation and efforts to combat global warming would only succeed if Pakistan could establish a favorable environment for climate action. He emphasized the importance of international cooperation, with both Denmark and Pakistan working to enhance their societies’ resilience to climate impacts.

According to the ambassador, future climate initiatives will focus on carbon emissions reduction and the creation of funding mechanisms for climate adaptation. He urged individuals to take part in climate action by adopting practices like reducing waste, promoting tree plantation, and using eco-friendly consumption options.

Dr. Abid Qaiyum Suleri, Executive Director of SDPI, stressed the importance of transparency in carbon markets and the establishment of independent accreditation bodies. He also proposed that carbon credits from projects such as renewable energy promotion and clean cooking solutions could contribute to adaptation funding.

Zulfiqar Younas from the Ministry of Climate Change announced the launch of a customized carbon registry by February, marking a significant step in the operationalization of Article 6. This initiative aims to enhance carbon credit trading and help Pakistan access international carbon finance markets.

Speakers at the event also discussed Pakistan’s progress in implementing the outcomes of COP29, including the €20 million SPAR6C initiative funded by Germany, which supports projects in green energy, transport, forestry, and waste management. The initiative aims to support Pakistan and other countries in implementing Article 6 of the Paris Agreement.

Dr. Shafqat Kakakhel, Chairman of the Board of Governors at SDPI, underscored the need to transition Pakistan’s energy sector to renewables such as biomass, solar, wind, and hydropower, reducing reliance on fossil fuels.

The dialogue also emphasized the critical role of the private sector in achieving carbon neutrality, with Andrew Bailey of BASF reaffirming the sector’s support for Pakistan’s climate goals. Meanwhile, Dr. Arif Goheer of the GCISC highlighted the financial challenges in meeting the country’s Nationally Determined Contributions (NDCs) and stressed the importance of private sector involvement in bridging these gaps.

In his closing remarks, Dr. Shafqat Munir, Deputy Executive Director of SDPI, thanked all contributors, noting the importance of Pakistan’s readiness to capitalize on international carbon trading mechanisms. He also emphasized the need for the country to stay informed about the implications of climate finance instruments as carbon markets continue to evolve.