The white paper of OICCI emphasizes the significance of coordinated actions, behavioral change, financial commitments, and regulatory framework compliance.
The white paper highlights the commitment of OICCI members such as Chevron, Indus Motors, Engro Corporation, and Unilever to promote positive climate actions and provides a framework for action to increase public-private investment in climate change adaptation and resilience.
Sharing knowledge and information about climate change and the actions that can be taken to address it can help raise awareness and inspire others to take positive climate actions.
The Overseas Investors Chamber of Commerce and Industry (OICCI), a group of more than 200 foreign investors, has released a whitepaper titled “Synergizing the Climate Ambition: A Blueprint for Achieving NDCs through Private Sector Engagement in Pakistan.”
Dr. Shamshad Akhtar, Waqar Hussain Pulpoto, Ali Tauqeer, and experts from academia, business, and the social sector participated in a roundtable discussion.
The white paper incorporates key takeaways and insights from OICCI’s Pakistan Climate Conference 2022, which will be held in Karachi on March 16, 2022. Among the global climate experts, policymakers, and corporate decision-makers who attended the conference were Mr. Alan Jope (Unilever), Mr. Jesper Brodin (IKEA), Mr. Bill Winters (Standard Chartered Bank), and Mr. Alok Sharma, President of COP26.
According to the OICCI white paper, in the Nationally Determined Contributions (NDCs) targets presented at the 26th Conference of Parties, Pakistan made an ambitious commitment to reduce emissions by 50% by 2030. (COP26).
According to Pakistan’s NDCs, roughly 15% of the total proposed emissions reduction is unconditional, while the remaining 35% is subject to bilateral and multilateral support.
“During the roundtable discussion, PSX launched an ESG taskforce and initiated interaction with all corporations in Pakistan,” Dr. Shamshad Akhtar said. ESG compliance is essential for attracting FDI and is a very appealing tool for attracting long-term investment.”
“The last eight years have been the warmest on record, thanks to rising greenhouse gas concentrations and accumulated heat. Millions have been affected by heatwaves, droughts, and floods, demonstrating that climate change is a serious and growing global threat. “Amir Paracha, Vice President OICCI and CEO of Unilever Pakistan, spoke at the report launch event.
“Pakistan is the fifth most vulnerable country despite emitting less than 1% of greenhouse gases. Taking the necessary steps now can assist us in moving toward a more equitable and sustainable world while addressing climate change,” he added.
According to the OICCI white paper, industries will need to transform their business models to open up new revenue streams and drive innovation. Industry partners, on the other hand, cannot succeed without the support of the government, civil society, and consumer organisations.
The white paper emphasises the significance of coordinated actions, behavioural change, financial commitments, and regulatory framework compliance.
The OICCI’s recommended roadmap aims to align efforts, share lessons learned from OICCI members such as Shell Pakistan, Siemens, Total Parco, and Nestle, among others, and pave the way for other industry players.
Pakistan is at a crossroads and the decisions it makes today will have an impact on its future sustainability, says OICCI. The working paper’s proposed monitoring and evaluation mechanism will aid in the consolidation of data and efforts to promote collaborations, as well as in assisting industry and government stakeholders.