Dr. Abid Qaiyum Suleri, Executive Director of the Sustainable Development Policy Institute (SDPI) and Member of the International Advisory Committee of COP29, led an insightful session on “Emerging Sustainability Challenges and the Way Forward for Pakistan” at the OICCI on Wednesday, August 21, 2024. He was accompanied by Dr. Khalid Waleed, Research Fellow at SDPI.

During the session, Dr. Suleri emphasized the growing significance of Environmental, Social, and Governance (ESG) principles in the business landscape. He emphasized that while ESG considerations may not always stem from altruistic intentions, they are crucial for assessing regulatory risks associated with negative externalities. In Pakistan, the integration of ESG into business frameworks is becoming increasingly vital.

In a separate press briefing the OICCI launched a report titled, '𝗣𝗮𝗸𝗶𝘀𝘁𝗮𝗻’𝘀 𝗖𝗹𝗶𝗺𝗮𝘁𝗲 𝗖𝗿𝗼𝘀𝘀𝗿𝗼𝗮𝗱𝘀: 𝗣𝗿𝗶𝘃𝗮𝘁𝗲 𝗦𝗲𝗰𝘁𝗼𝗿 𝗦𝗼𝗹𝘂𝘁𝗶𝗼𝗻𝘀 𝘁𝗼 𝗣𝗮𝗸𝗶𝘀𝘁𝗮𝗻’𝘀 𝗖𝗹𝗶𝗺𝗮𝘁𝗲 𝗖𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀’ . The event was preceded by Dr Abid Qaiyum Suleri and Dr Khalid Waleed, along with Mr Rehan Shaikh, President OICCI, Mr Andrew Bailey, Managing Committee Member and M Abdul Aleem, CE/Secretary General.

During discussions with media representatives, the essential role of the private sector in driving climate action and the urgent need to implement comprehensive climate strategies were highlighted. Although Pakistan contributes only 0.9% to global greenhouse gas emissions, it ranks as the 5th most climate-vulnerable nation, underscoring the need for robust climate action plans.

With knowledge partnership from SDPI, the report builds on insights from the OICCI's 2nd Pakistan Climate Conference held in 2023. It provides a roadmap that emphasizes public-private partnerships and sustainable solutions, marking a vital step towards a greener future for Pakistan.

Key points from the session included:

• ESG Implementation Challenges: The session underscored the importance of ESG, highlighting the obstacles businesses face, such as limited awareness, the absence of a binding legal framework, and the need for capacity building and certification.
• Political Economy Factors: Dr. Suleri discussed the influence of political and economic factors on ESG adoption, including policy, regulation, and economic incentives.
• Focus on Carbon Emissions: Given Pakistan’s high carbon emission levels and the upcoming Carbon Border Adjustment Mechanism (CBAM) set to be implemented in 2026, Dr. Suleri stressed the need for Pakistan to prioritize carbon emission reduction efforts.
• Balanced ESG Approach: A call was made for a balanced approach to ESG, emphasizing the importance of reducing carbon footprints while also addressing other environmental and social responsibilities.