Transforming Business, Farming Practices Stressed To Tap `Green Fund'

Transforming business, farming practices stressed to tap `Green Fund'

PESHAWAR, (UrduPoint / Pakistan Point News - 16th Aug, 2022 ) :Current climate crisis negatively impacts our environment, health and economy but there also exists an opportunity in the form of 'Green Fund', an initiative that can help us in transforming our businesses and farming practices for a sustainable ecosystem.

If we fundamentally reshape our business models around transformative green solutions, we can attract multi-billion Dollars offered by world community for reviving nature.

This was the gist of a talk delivered by Talha Khan, Executive Director Pakistan Environment Trust (PET), a non-governmental organization striving to mobilize global capital and expertise towards solving Pakistan's toughest climate challenges.

The talk was arranged for students under the title `How can Pakistan grow through the climate crisis?'.

Talha Khan said like many other developing countries, we did not have the required economic strength to solve the problem of climate crisis by ourselves and have to tap the opportunity of funding from developed countries after taking adaptation as well as mitigation measures that reduce emission.

Climate change related challenges in our country are very serious and if our farming and industrial sectors continue to follow traditional practices which don't reduces emission and carbon print, we might end up losing our exports, reduction in agriculture yield and loss of jobs for millions.

Talha said according to estimates by different organizations Pakistan needs to spend roughly 70 to 80 billion US dollars per year until 2050, twice the size of entire annual budget, to mitigate impacts of climate change.

Quoting a research study of McKinsey & Company on global impacts of climate change, Talha said the whole world would require to spend around nine-trillion dollars per year to achieve the net zero ambition and a major chunk of this money needs to be mobilized towards the most affected countries if the net zero ambition is to be realized.

This amount of nine-trillion Dollar can help climate affected countries including Pakistan by helping them rethink business model based on transformative green solutions, he reiterated.

"Tapping into this amount could potentially solve Pakistan's climate crisis and drive economic growth in our country," he hoped.

Pakistan needs to play role model for other countries in climate mitigation measures by fundamentally rethinking how it runs its businesses and develop products, Talha opined.

Regarding transformation measures, ED PET gave example of textile sector of the country which makes a contribution of eight to nine percent in our GDP.

He said most of the international fashion brands have made commitment for more green products that are made through climate friendly processes and policies that reduce emission or preferably have zero emission.

Now by continuing businesses with these fashion brands or for attracting more companies to our country, our textile companies, farmers that supply raw material, mechanical companies that supply dyes and other chemical companies need to develop their products in more climate friendly manner that reduces emission.

"If we don't do that and continue the traditional way of businesses, these companies will move their supply chains elsewhere, leaving a very bad impact on commerce and trade of the country," he warns.

He also threw light on the threat of carbon tax being imposed by many European countries which may badly impact our export and render millions of people jobless in the country if green solutions were not introduced and implemented.

Our textile sector should concentrate and search for starters that can shift their sources of energy from fossil fuel to more efficient sources of energy like, rain, solar, bio-gas and wind, he suggested.

Similarly farmers that supply different products to these textile companies can grow their cotton in a climate friendly manner. The chemical companies need to bring innovative solutions and technologies to reduce emission.

"If they can take these bold moves, there is an opportunity waiting for converting our country from top climate affected to the leader in climate resilience and mitigation," Talha commented.

In every sector, including transport, cement to steel, air conditioners, refrigerators we can switch to environmental friendly practices and can make our self eligible for distribution of Green Fund in our country for revival of nature and for attraction of international companies to do businesses with us, he concludes.