ISLAMABAD: United Nations Development Programme (UNDP) Country Representative in Pakistan Samuel Rizk on Wednesday offered Pakistan a range of "bankable transactions”, emphasising that the success of these projects hinged on Pakistan's ability to present them to banks and act swiftly to capitalise on rapidly changing technology and environmental conditions.
"We have the funds, and we can offer Pakistan bankable projects," Mr Rizk said while addressing a high-level pre-COP 29 policy dialogue titled ‘Green Finance and Climate Action through Private Sector’.
He acknowledged Pakistan’s resilience despite challenges, including devastating floods, security issues and economic instability.
He highlighted the nation’s remarkable turnaround from a near-default in June 2023, remarking, “things are positive now for private investment, but the government should make life easier for investors”.
The UNDP’s representative said Pakistan's progress on the Sustainable Development Goals (SDGs) had been limited, estimating it would require $52 billion to achieve the targets by 2030.
“Pakistan needs new, fresh money, not rollover funds. Private investment is critical not only for climate goals but also for achieving broader development objectives,” he added.
Jason Avancena from the Overseas Investors Chamber of Commerce and Industry (OICCI) underscored the private sector’s commitment to sustainability, saying, “OICCI has cultivated dialogue for an actionable policy to address climate change, including mobilising capital for decarbonization”.
The OICCI members aim to increase water recycling by 35 per cent and reduce plastic use by one-third, he added.
Fatima Arshad from Unilever Pakistan expressed willingness to advocate globally for investment in Pakistan, stating, “we can leverage our network to help Pakistan invest in bankable projects”.
Although acknowledging challenges with plastic alternatives, she emphasised the availability of funds if viable projects were identified.
HBL’s Adnan Pasha highlighted the bank’s commitment to climate-friendly initiatives, revealing that the bank’s clean energy portfolio was valued at Rs30-35 billion and growing.
“We are working in the agriculture sector, assisting farmers with agronomic advice through our 87 agronomists. This is the way forward for economic growth,” he said, encouraging other banks to join in similar efforts.
Farooq Pasha from Standard Chartered Bank proposed utilising philanthropic funds to bridge Pakistan’s climate finance gap, suggesting a focus on innovative financing for both mitigation and adaptation projects.
Waqar Rafique noted that his organisation was investing in water conservation, sustainable plastic practices and solar energy projects.
“We’re working on agro-waste management in Punjab and are engaged in waste management in Gilgit-Baltistan, where we have increased recycling from 100 tonnes to 4,000 tons,” he explained, adding that they were committed to reducing packaging by one-third by 2025 and promoting environmental awareness.
Dr Mohammad Rafique, member of Pakistan’s Climate Finance body, highlighted the formation of a national climate change authority and a dedicated climate change fund.
“We’re also setting up a voluntary carbon market soon,” he said, underscoring Pakistan’s commitment to ramping up climate finance initiatives and cross-sector coordination.
