Green taxonomy framework by April: Aurangzeb

Finance Minister Muhammad Aurangzeb on Tuesday announced that Pakistan will have a green taxonomy framework by April. Virtually speaking at the first day of the Pakistan Climate Conference, organised by the Overseas Investors Chamber of Commerce and Industry (OICCI), the minister said a green taxonomy framework would provide a rulebook for businesses to understand the classification system that defines and categorises economic activities or investments based on their environmental sustainability. It will guide investors in identifying and supporting activities that contribute to environmental objectives and hence be able to earn carbon credits and access green financing. “There is no dearth of financing,” said the finance minister, talking about the $9 billion pledges secured in Geneva following the 2022 floods. However, little of that financing materialised because of a lack of investable and bankable initiatives.