Paris Agreement
\nislamabad
\nPakistan signed its first bilateral carbon market agreement under the Paris Agreement with Norway, marking a step towards attracting climate finance, according to an official statement issued on Wednesday.
\nThe memorandum of understanding (MoU), signed under the Ministry of Climate Change and Environmental Coordination, will enable Pakistan to develop carbon credit projects and transfer emission reductions to Norway.
\nMinister for Climate Change and Environmental Coordination Musadik Malik described the agreement as a \u201chistoric milestone\u201d, saying it marked Pakistan\u2019s shift from carbon market preparedness to implementation.
\n\u201cThis is Pakistan\u2019s first bilateral agreement under Article 6.2 and an important step towards implementation,\u201d he said, adding that it would create a pathway for international cooperation and investment in climate-related sectors.
\nUnder the arrangement, Pakistan can generate carbon credits through projects in renewable energy, agriculture, transport and waste management.
\nThese credits may be traded as internationally transferred mitigation outcomes (ITMOs).
\nOfficials said the agreement comes at a time when Pakistan is facing increasing climate risks, including floods and heatwaves, and could help mobilise international finance.
\nMalik emphasised that carbon markets should contribute to broader economic and social goals.
\n\u201cThey must help countries like Pakistan finance transition pathways, create jobs, attract technology and deliver real benefits to communities,\u201d he said.
\nThe minister noted that Pakistan had approved national policy guidelines for carbon trading in January last year and was now working to establish the regulatory and reporting systems required to operationalise the market.
\nSpeaking at the signing ceremony, Norway\u2019s Ambassador to Pakistan Per Albert Ilsaas said the agreement marked a new phase in bilateral environmental cooperation.
\n\u201cPakistan is among the countries most affected by climate change, and we believe this partnership can deliver both measurable emission reductions and real development benefits,\u201d he said.
\nThe ambassador noted that Norway, which aims to achieve climate neutrality by 2030, is seeking to purchase ITMOs to go beyond its formal climate commitments.
\nNorway is not purchasing ITMOs to meet its nationally determined contribution targets, he said, adding that the country was purchasing them to achieve climate neutrality beyond those commitments.
\nIlsaas said that Norway\u2019s Global Emission Reduction Initiative, launched in 2024 with a budget of $1.5 billion, would help channel carbon finance to partner countries, including Pakistan.
\nHe added that Norway was interested in large-scale cooperation across sectors such as renewable energy, industry and agriculture, rather than focusing solely on individual projects.
\nOfficials from both sides said the agreement could enhance Pakistan\u2019s access to climate finance and private investment while supporting efforts to achieve low-carbon growth and meet its commitments under the Paris Agreement.<\/p>\n","protected":false},"excerpt":{"rendered":"
Paris Agreement islamabad Pakistan signed its first bilateral carbon market agreement under the Paris Agreement with Norway, marking a step towards attracting climate finance, according to an official statement issued on Wednesday. The memorandum of understanding (MoU), signed under the Ministry of Climate Change and Environmental Coordination, will enable Pakistan to develop carbon credit projects …<\/p>\n","protected":false},"author":4,"featured_media":95755,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[75],"tags":[],"class_list":["post-95778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top"],"_links":{"self":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/95778","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/comments?post=95778"}],"version-history":[{"count":1,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/95778\/revisions"}],"predecessor-version":[{"id":95787,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/95778\/revisions\/95787"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media\/95755"}],"wp:attachment":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media?parent=95778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/categories?post=95778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/tags?post=95778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}