ISLAMABAD: Sherry Rehman, Federal Minister for Climate Change & Environmental Coordination maintained that 71% of all industrial emissions historically had been done by the big businesses and industries,
She was speaking at Leaders in Islamabad Business Summit 2023 here on Thursday (1st of June, 2023).
Sherry Rahman held that without the active involvement of huge concerns in the transformative initiatives, the world will continue to experience escalating temperatures, causing countries like Pakistan to bear the brunt of this heat.
During her conversation with business leaders, Minister Rehman said that there was a pressing need for concrete, real, and comprehensive action propelled by enhanced compliance to address the pervasive issue of climate change.
“The absence of proper compliance measures raises the crucial question of accountability for responsible parties, including major powers and corporations.
“It is important to note that we do not advocate for businesses to be compelled to divest their investments.
“Instead, our aim is to incentivize industries to foster innovation and invest in research and development, thereby facilitating the implementation of practical, cost-effective solutions on the ground.
“Given the magnitude of the challenge, it is imperative for large businesses to proactively consider sustainable practices and embrace environmental consciousness”, the minister stated.
The minister highlighted the disarray in global public financing for climate initiatives, attributing it to the dual pressures of economic crises and climate emergencies that strain resources on a global scale.
“The unmistakable impacts of climate change have become immediate concerns that demand nations’ urgent attention.
“At this critical juncture, it is imperative to reset our approach and reimagine the broader architecture of adaptation.
“Despite the prevalence of repeated slogans and catchy bumper stickers, an increasing number of individuals globally are being left behind.
“Climate change intertwines with security, economic, and developmental factors, exacerbating their consequences and multiplying their effects.
“As we move forward, it is crucial to acknowledge the urgency of the situation and seek comprehensive solutions that address the interconnectedness of these complex issues,” said the Minister.
She continued, “The Bretton Woods institutions, initially designed after World War II, were effective for their time, but now it needs a reset.
“The Summit for a New Global Financing Pact, hosted by President Macron in France later this month, represents a crucial initiative to reorganize the Bretton Woods financial architecture, with a focus on incorporating climate finance.
“Climate issues are now inseparable from global financial obligations.
“These institutions must adapt to the realities of the 21st Century as the current models are inadequate to meet the trillions of dollars required for climate finance goals.
“The existing climate financing entities and architecture are simply insufficient for the scale of action needed.”
The minister emphasized the vital role of partnerships with businesses and civil societies in fostering effective governance.
“While governments are sometimes perceived as overly involved entities, akin to intrusive caretakers, active engagement with businesses is crucial.
“The power of lobbying efforts holds the potential for positive contributions, but it can also devolve into rent-seeking practices.
“Recognizing their impact is essential, as they can either facilitate or impede progress. Amidst these considerations, the importance of such discussions tends to escalate episodically, particularly during significant events such as floods or record-breaking incidents.
“It is crucial to foster a continuous dialogue and understanding between governments, businesses, and other stakeholders to ensure effective governance and meaningful progress,” said the Minister.