Trading carbon, building resilience

Despite contributing just 0.9 per cent to global greenhouse gas emissions, Pakistan ranks among the top five most vulnerable nations to climate change. The country is already experiencing the devastating impacts of climate change, including erratic rainfall, glacial melt, increased frequency of vector-borne diseases, and extreme weather events. The catastrophic floods of 2022 alone resulted in an estimated GDP loss of $15.2 billion, affecting over 33 million people. In this context, Pakistan has set an ambitious target of reducing its projected emissions by 50pc by 2030 — 15pc drop below business as usual (BAU) from domestic resources, and the remaining 35pc drop below BAU contingent upon receiving international financial support.