Islamabad May 24 2023: Pakistan is aiming to enter global carbon markets to generate around USD 220 million till 2043 with additional benefits of creating green jobs.
Ministry of Climate Change and Environmental Coordination submitted a summary on the participation of Sindh’s Mangroves projects in voluntary carbon markets and presented that Sindh Forest Department is implementing two Indus Delta Mangrove projects viz Delta Blue Carbon-I(DBC-I) and Delta Blue Carbon-II (DBC-II) to generate carbon credits and trade with international entities on Voluntary Carbon Market(VCM).
The ECC after discussion approved the proposal of the Ministry that the DBC-I and DBC-II projects as these were initiated prior to the commitment made under NDCs in 2021 and these projects are expected to generate around US$ 200 to 220 million till 2043 with additional benefits of creating green jobs.
Minister for Finance and Revenue Senator Mohammad Ishaq Dar chair the meeting of Economic Coordination Committee (ECC) in Islamabad.
In an effort to curb climate change, big companies are setting ambitious goals to achieve carbon neutrality and the Voluntary Carbon Market (VCM) is helping them to do so.
The VCM gives companies, non-profit organizations, governments, and individuals the opportunity to buy and sell carbon offset credits. A carbon offset is an instrument that represents the reduction of one metric tonne of carbon dioxide or GHG emissions.
To put this in perspective, to capture one ton of CO2 emissions you would have to grow approximately 50 trees for one-year ¹.
Companies that are unable to reach their greenhouse gas (GHG) emission targets can purchase carbon offset credits by investing in environmental projects that can avoid, reduce, or remove carbon emissions.
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