ISLAMABAD (PEN) : Pakistan and the Asian Development Bank (ADB) have agreed to jointly advance efforts in carbon markets and climate innovation as part of a broader green growth strategy.
The agreement was reached during a meeting between Federal Minister for Climate Change and Environmental Coordination, Dr. Musadik Malik, and a high-level ADB delegation led by Toru Kubo, Senior Director of Climate Change and Sustainable Development.
According to the Ministry of Climate Change, both sides committed to formulating a comprehensive, results-driven strategy focused on carbon credit mobilisation, climate innovation, and outcome-based implementation.
“Both sides agreed to formulate a comprehensive, mutually aligned climate change strategy, with a specific focus on carbon credit mobilisation, climate innovation, and outcomes-based project implementation,” read an official statement.
Strengthening Climate Finance and Carbon Market Readiness
Dr. Malik assured the ADB of full ministerial cooperation, underscoring the importance of transparency and impact-driven execution. He emphasized that Pakistan’s approach must be aligned with international standards and adaptable to evolving environmental finance mechanisms.
Toru Kubo reaffirmed ADB’s commitment to supporting Developing Member Countries (DMCs), noting:
“The bank continues to assist its Developing Member Countries by catalysing investments in low-carbon technologies, advancing carbon finance readiness, and enhancing the ability of countries like Pakistan to access and benefit from global carbon markets.”
Linking SDGs with Carbon Finance
The discussions also included strategies for linking Pakistan’s climate goals with the UN Sustainable Development Goals (SDGs), aiming to leverage climate action as a pathway to economic growth and international engagement.
The ministry stated that with increasing global interest in carbon trading, Pakistan has the potential to become a regional frontrunner in leveraging carbon markets for climate finance.
“As global interest in carbon markets surges, Pakistan is poised to become a regional pioneer by strategically positioning itself in this evolving financial ecosystem,” it added.
This partnership is part of broader efforts to align Pakistan’s climate policy with global best practices, as the country continues to secure international support for green development projects — including a recent \$500 million funding package from ADB for its climate programme.
