UAE, Saudi Arabia Drive Surge in Demand for Carbon Offsets Ahead of COP28 as Pakistan Risks Missing Out Without Carbon Market Policy

Demand for carbon offsets is surging, especially from UAE and Saudi Arabia, as they seek to decarbonize their economies ahead of COP28.
Carbon markets allow entities to purchase offsets representing avoided or removed emissions to mitigate their climate impact.
Nature-based solutions like forest protection provide carbon offsets by absorbing carbon dioxide.
Pakistan is missing out on climate finance opportunities by lacking a carbon market policy to regulate offset projects.
A carbon market policy would provide guidelines and enable Pakistan to benefit from carbon offset projects and related revenue.

dawn.com

Relevant topic timeline:

8/23/2023

Opinion

Bad carbon credits are edging out good ones in the carbon offset market, posing a significant challenge in the efforts to reduce greenhouse gas emissions and combat climate change.

9/1/2023

Carbon credit market confidence ebbs as big names retreat

The voluntary carbon markets have experienced a decline for the first time in at least seven years, with companies reducing their purchases and concerns arising about the effectiveness of forest protection projects in delivering emissions savings. This decline has negative implications for poorer nations reliant on funds from multinational companies for climate mitigation projects.

9/11/2023

Reducing Fossil Fuel Demand More Effective than Supply Cuts for Climate

Focusing on cutting demand for fossil fuels through measures such as carbon taxes and renewable energy subsidies is more effective than solely curbing supply, as it incentivizes investors and banks to stop funding the industry and leads to a reduction in production, according to climate change activists.

10/19/2023

Pakistan Urged to Reform Climate Finance Policy to Access New Forms of Lending and Investment

Pakistan needs to dispel four myths and adopt a reform agenda in order to access and leverage international climate finance through partnerships with the private sector and a focus on climate-smart development, as the global landscape has shifted towards lending and investments rather than grants.

10/23/2023

USDA Report Examines Barriers and Solutions for Farmer Participation in Carbon Markets

A new report from the U.S. Department of Agriculture (USDA) highlights barriers and opportunities for farmers to participate in carbon markets and generate income through carbon credits as part of efforts to combat climate change.

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Posted 9/26/2023, 3:22:45 AM