Pakistan Rolls Out Strategies for Global Green Financing Avenues
Islamabad: Pakistan announced that it has started developing a number of green finance instruments, encouraged by the high level of investor interest in the nation’s first green bond, which was issued on the world market last week.
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The Water and Power Development Authority (Wapda) issued the nation’s first green Eurobonds in US dollars, seeking $500 million for eco-friendly initiatives to increase the amount of clean energy in the nation’s power generating mix, which is primarily dependent on fossil fuels, mainly coal.
The South Asian nation, which will host the UN’s annual World Environment Day on June 5, is one of the most climate change sensitive nations in the world and has been severely affected by extreme weather conditions, including disastrous floods.
Pakistan also finished its initial evaluation of blue bonds, a financial tool that attracts funding from international investors for initiatives that safeguard marine environments and allied sectors like fisheries and ecotourism.
He claimed that if successfully fostered, the nation’s new plantation projects—including planting 10 billion trees over the following few years—would be worth $500 million by 2050.
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He claimed that the World Bank had made conservative estimations for the cost of carbon, and that the valuation may reach $2.5 billion.
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