OICCI Leads Pre-COP29 Dialogue on Private Sector Climate Action

The Overseas Investors Chamber of Commerce and Industry (OICCI) is taking an active role in addressing climate change by organizing key dialogues and pushing for meaningful private sector contributions to climate action. At the 27th Sustainable Development Conference, OICCI convened a high-level Pre-COP29 Policy Dialogue to explore the private sector’s role in driving green financing and enhancing climate resilience in Pakistan. The dialogue underscored the urgency of collective action from businesses, governments, and international organizations in the face of escalating climate-related threats.

Private Sector’s Role in Pakistan’s Climate Action

As Pakistan grapples with some of the most severe consequences of climate change, including floods, heatwaves, and extreme weather events, the need for private sector intervention is more critical than ever. The 2022 floods, which displaced nearly eight million people and caused damages estimated at $15 billion, are a stark reminder of the vulnerability Pakistan faces due to climate change.

In his keynote address, OICCI Senior Vice President and Nestlé Pakistan CEO, Jason Avanceña, stressed the importance of a proactive approach from the business community. “Climate change is a reality we cannot ignore,” Avanceña remarked, highlighting the need for the private sector to take decisive action. “As we prepare for COP29, the private sector has a critical role to play, and OICCI remains committed to mobilizing investments and technologies necessary to make Pakistan more climate-resilient. Our goal is to bridge the $152 billion adaptation financing gap by making green finance and sustainability a core focus.”

Green Finance and Sustainability

Green financing is one of the key areas identified for investment, which can help Pakistan meet its climate resilience goals. OICCI has been at the forefront of advocating for financial tools that facilitate sustainable business practices and promote long-term environmental protection. According to OICCI Secretary General M Abdul Aleem, the issue of climate change transcends the environmental realm; it is deeply intertwined with Pakistan’s economic and social stability. “Climate change is not just an environmental issue but an economic and social challenge that threatens our stability,” said Aleem.

Building Public-Private Partnerships for Climate Goals

The Pre-COP29 Dialogue also emphasized the importance of public-private partnerships in achieving Pakistan’s ambitious climate objectives. Dr. Abid Suleri, Executive Director of the Sustainable Development Policy Institute (SDPI), pointed out that the government alone cannot tackle the enormous challenges posed by climate change. “Our shared goals can only be realized through a concerted effort,” Suleri said. “By creating policies that incentivize investment and enable the private sector, we can close critical financing gaps and strengthen Pakistan’s climate resilience.”

Keynote Speakers and Panel Discussions

The dialogue featured several prominent speakers who shared their insights into innovative financial solutions aimed at attracting climate capital to Pakistan. Samuel Rizk, Resident Representative of UNDP Pakistan, discussed the importance of innovative financial instruments in scaling up investment in climate action. His presentation highlighted the critical role of blended finance and other tools that align private capital with the goals of climate sustainability.

A diverse group of panelists from some of Pakistan’s leading corporations, including Unilever Pakistan, Coca-Cola Company, HBL, and Engro Foundation, also shared their sustainability initiatives. They discussed their strategies for reducing their environmental footprint and explored ways to enhance collaboration with the public sector. These businesses are taking proactive steps to align their operations with global sustainability standards, setting a positive example for others in the private sector to follow.

OICCI’s Commitment to Climate Action

OICCI has long been committed to sustainable development and environmental protection, and it continues to play an instrumental role in shaping the climate action agenda in Pakistan. The organization has consistently advocated for green finance and has worked with its members to promote corporate social responsibility (CSR) initiatives that address climate change.

In 2023, OICCI members collectively contributed over Rs13 billion towards CSR activities, with a significant portion of that amount (Rs1.5 billion) dedicated to environmental protection initiatives. This commitment underscores the private sector’s willingness to invest in solutions that protect Pakistan’s natural resources while also addressing the economic and social challenges caused by climate change.

OICCI’s Role at COP28 and Moving Towards COP29

OICCI’s role in advocating for sustainability extended to its participation at COP28, where it emphasized the private sector’s critical role in tackling climate change. As Pakistan prepares for COP29, OICCI remains committed to supporting national climate goals and pushing for actionable steps to bridge the financing gap and promote sustainable practices.

Future Plans and Initiatives

Looking ahead, OICCI plans to continue advocating for green business practices and environmental sustainability, aiming to leverage platforms like COP29 to bring about meaningful change. The organization is focused on fostering collaboration between the private and public sectors, ensuring that both contribute to climate resilience in a way that benefits not only the environment but also Pakistan’s economic growth.

Conclusion: The Way Forward for Private Sector Climate Action in Pakistan

As the Pre-COP29 Policy Dialogue highlighted, the challenges posed by climate change are immense, but they also present opportunities for the private sector to lead the way in innovation, investment, and sustainable development. By working together with the government and international organizations, businesses in Pakistan can contribute to the global fight against climate change while simultaneously fostering a more resilient and sustainable future for the country.

The private sector, through initiatives such as green financing and sustainability programs, has the power to make a significant impact in addressing the climate crisis. With organizations like OICCI leading the charge, Pakistan is poised to make meaningful strides toward achieving its climate goals.

Frequently Asked Questions (FAQs)

1. What is OICCI’s role in addressing climate change in Pakistan?

OICCI plays a key role in mobilizing private sector investment towards climate action in Pakistan. It advocates for green finance and sustainability and encourages businesses to adopt environmentally responsible practices.

2. What are the key challenges Pakistan faces due to climate change?

Pakistan faces severe climate-related risks such as floods, heatwaves, and droughts, which threaten food security, public health, and economic stability. The 2022 floods highlighted the urgent need for effective climate adaptation measures.

3. How can the private sector contribute to Pakistan’s climate goals?

The private sector can contribute by investing in green finance, adopting sustainable business practices, and forming public-private partnerships that drive climate resilience and environmental protection.

4. What is green financing?

Green financing refers to investments made in projects that have a positive environmental impact. It involves financial tools such as green bonds and funds that support sustainable development and climate resilience.

5. What is OICCI’s contribution to CSR activities?

In 2023, OICCI members contributed over Rs13 billion to corporate social responsibility initiatives, with Rs1.5 billion specifically dedicated to environmental protection projects.