Green Financing and Economic Recovery of Pakistan in the backdrop of climate goals for COP26

Green Financing and Economic Recovery of Pakistan in the backdrop of climate goals for COP26

Event details

  • Tuesday | 26 Oct, 2021
  • 3:00 PM - 5:00 PM
  • Online

Background:

Covid 19 has highlighted the crisis posed by the decimation of the global economy through a natural disaster. If countries do not move away from their Business-as-Usual activities and non-compliance to the climate goals, the level of economic disruptions will be far more alleviated. However, as the Conference of Parties (CoP) to United Nations Framework Convention on Climate Change (UNFCCC) approaches near, and economies continue to grapple with the impacts of Covid 19, a window of opportunity for building back better is taking shape. This however is a daunting task especially for poorly resourced and low fiscal space countries such as Pakistan as it requires direct investment, stimulus support, policy reform, and capacity building. A low carbon recovery for Pakistan is achievable, but the biggest need of the hour is the financing needs of a green recovery. Due to an exponential nature of difference, a longer delay in recovery will have more serious socio-economic implications, and hence the scale and speed of change require all forms of public and private finance. Pakistan has also started working on “Debt Swap for Nature” schemes which in the backdrop of Covid 19 have supported green recovery for many countries that entered the crisis with already high debt levels. In the backdrop of this Pandemic, COP26 can facilitate the challenges, innovations, and opportunities in the transition towards a more resilient and sustainable future. Identification of priority areas for adaptation and mitigation require an in-depth analysis around the long- and short-term impacts of Covid on different subsectors, socio-economic benefits through a green recovery scenario, and what financing mechanisms can be used to mobilize green funding.

To assist developing nations in their war against climate change, UK has already doubled its international climate finance with £11.6 billion up to 2025-261, and delivery of $100 billion climate finance is the utmost priority of COP26 (ibid). Therefore, through this opportunity and a “moment of change”, countries and businesses are looking for net-zero targets by cutting carbon, particularly in their energy sector, while banks and financing institutions are looking for green financing mechanisms to aid the recovery. it becomes critical for countries like Pakistan to align their stimulus, finance, and recovery pathway with the climate goals. Scope and Objectives Given this context, this event aims to bring together various stakeholders to discuss and take stock of Pakistan’s green financing strategies and identify key priority areas that need to be addressed in the climate action of Pakistan for COP26. Key Objectives of this meeting are: 1. To sensitize Media about the socio-economic benefits of Green Economic Recovery, and how outcomes of COP26 will dictate the global capacity to stem climate breakdown. 2. To understand the role of different stakeholders and critical components in the recovery plan of Pakistan that can be addressed for COP26 to be a success. 3. Presentation on the impacts of Covid 19 on the energy sector of Pakistan and what socio-economic benefits can be achieved through a Green Recovery Scenario. 4. Presentation on the way forward for Pakistan using “debt swaps” as a mechanism to finance strategies that target building back better with green, sustainable, and inclusive recovery.

 

Moderator: Dr. Hina Aslam, Research Fellow SDPI

Panelists:

Mr. Malik Amin Aslam, Special Assistant to the Prime Minister, Ministry of Climate Change
Mr. Ali Raza Bhutta, Secretary Power Division, Ministry of Energy
Mr. Shah Jahan Mirza, Managing Director, Private Power and Infrastructure Board (PPIB)
Mr. Chris Warner, Senior Technical Specialist, The World Bank
Dr. Sardar Mohazzam, Managing Director, National Energy Efficiency and Conservation Authority (NEECA).
Ms. Kashmala Kakakhel, Specialist, Climate Finance
Mr. Hartmut Behrend, Coordinator Pakistan-German Climate and Energy Initiative, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH
Mr. M. Ali Kemal, Chief SDGs, Planning Commission of Pakistan
Dr. Abid Qaiyum Suleri, Executive Director, SDPI
Dr. Fareeha Armughan, Research Fellow, SDPI
Dr. Vaqar Ahmed, Joint Executive Director, SDPI
Dr. Sajid Amin Javed, Research Fellow & Head, Policy Solutions Lab, SDPI
Dr Shafqat Munir, Research Fellow SDPI,

 

Meeting Link:  https://us02web.zoom.us/webinar/register/WN_elJ891O-Qwe_Nb-4DD1mbA