By Ali Imran
ISLAMABAD: The Coordinator to Federal Tax Ombudsman Meher Kashif Younis Thursday said Pakistan can earn carbon credits through plantation, reforestation, various green covers, solar and wind power, controlling methane emissions from livestock and paddy fields and other activities that control Green House Gas (GHG) emissions.
Speaking at a workshop on “ Pakistan And Greenhouse Gases” here today held under the aegis of Gold Ring Economic Forum, a strategic think tank, he said Carbon trading offers emerging and innovative trade and business opportunities to the developing countries including Pakistan which can earn dollars for controlling the greenhouse gas emissions.
He said in addition, all the hydro, biogas, plantation and other such green businesses can bring dollars on a very fast track, provided the focal ministry is proactive and willing to facilitate and support such strategic initiatives.
He said Pakistan has successfully completed a carbon credit earning project and the government of Sindh has already earned carbon credits for the mangrove forests and got the first tranche of $14.75 million last year which may swell to $24-25 million in the next five years and this increase will continue for the 60-year pledge period.
Therefore, he said Pakistan is already enjoying the benefits of carbon credits from a forestry project and thus there is a great deal of scope and opportunities for earning carbon credits on a larger scale.He said this great success story can now easily be replicated to other forestry and GHG-controlling projects.
Further explaining its features Meher Kashif Younis said Pakistan’s collaboration with China’s carbon emission trading scheme from 2021 to 2025 also offers great opportunities. He said under the International Emissions Trading (IET), countries can trade in the international carbon credit market to cover their shortfall in the assigned amount of units.
He said farmers and any landowners can sell carbon credits because land can store carbon. He said Landowners can sell carbon offsets on the voluntary carbon markets. He said these carbon credit buyers are purchasing carbon credits as an investment or are businesses trying to meet internal standards for carbon footprint reduction. He said anyone owning and managing forestland may also be able to sell carbon credits generated from management activities on your land.
While concluding he urged the Federal Ministry of Climate Change to launch a nationwide awareness campaign for taking full benefits of carbon credits by controlling major emissions across the country and hold result oriented meetings with all stakeholders to realise the true dream.