Islamabad and ADB Collaborate on Carbon Markets and Climate Innovation

Authorities in Islamabad and the Asian Development Bank (ADB) have reached an agreement to formulate a joint approach concerning carbon markets and advancements in climate technology.

This development occurred during a meeting between Federal Minister for Climate Change and Environmental Coordination, Dr. Musadik Malik, and a senior ADB delegation headed by Toru Kubo, Senior Director of Climate Change and Sustainable Development (CCSD). The discussions centered on exploring opportunities for collaboration in carbon markets and developing a climate strategy founded on both economic and ecological advantages.

According to a statement issued by the Ministry of Climate Change, the meeting represents notable progress in aligning Pakistan’s national climate strategy with leading global practices and market-based climate finance options.

Agreement on Climate Change Strategy

“Both parties concurred on the development of an all-encompassing, mutually-aligned climate change strategy. This will specifically emphasize carbon credit mobilization, climate innovation, and results-oriented project execution,” the statement noted.

During the meeting, Minister Malik assured the ADB of complete cooperation and active engagement in creating the strategy, stressing its need to be impact-focused, transparent, and geared toward achieving tangible outcomes.

Toru Kubo reaffirmed the ADB’s strong commitment to assisting its Developing Member Countries (DMCs) by stimulating investments in low-emission technologies, promoting carbon finance readiness, and strengthening the capacity of countries like Pakistan to utilize global carbon markets effectively.

The parties also explored how Pakistan could strategically connect Sustainable Development Goals (SDGs) with its carbon finance plans. This would transform climate initiatives into a source of financial stability and global recognition.

“As global interest in carbon markets increases, Pakistan is well-positioned to emerge as a regional leader by strategically integrating itself into this growing financial landscape,” the statement concluded.