World Bank-Punjab cooperation on carbon finance discussed

LAHORE:Planning & Development Board Secretary Dr Asif Tufail, held a meeting with a World Bank mission focused on exploring opportunities for developing a cooperation strategy on carbon finance with the Punjab government.

This engagement aims to enhance the province's participation in the emerging carbon credits market. During the meeting, participants reviewed ongoing and upcoming Annual Development Programme (ADP) schemes, as well as World Bank-financed projects, to assess their potential for generating carbon credits. The discussions also covered avenues for policy and technical support to prepare the Punjab government for effective engagement in carbon finance through PMI TA.

Secretary P&D Board, Dr Asif Tufail, emphasised the importance of collaboration between various relevant departments regarding carbon credit policies. This interactive dialogue aimed to foster a better understanding of the framework needed for successful implementation.

In a significant development, Asif Tufail announced that a Climate Finance Unit (CFU) would be established at the P&D Board in the coming week. This unit will focus on carbon credit financing and provide comprehensive support to government departments. He also indicated that a detailed session on carbon credits financing would be organised in partnership with development allies, further advancing Punjab's efforts in this critical area.

Member Energy P&D Mr Sadaqat Hussain, Sr Chief ECA Saba Asghar, MD PSIC Saira Omar, (DRM Specialist World Bank) Bilal Khalid, Carbon Market Specialist WB Mr Morten Pedersen, AS EPD Tariq Hussain, Sr Chief Agriculture Arif, Chief Economic Development Mr Musdiq Watto, Chief UD Zeeshan Anwar, Chief LG Nouman Shakeel and others representatives participated.