KP Climate Working Group Convention On Voluntary Carbon Market

KP CLIMATE WORKING GROUP CONVENTION ON VOLUNTARY
CARBON MARKET

Urban policy & planning

Overview

As urban centres are considered engines for economic development, development, the Government of KP has set up the UPPU. set up by the provincial government. UPPU is essential to the restructuring of urban governance, which is currently fragmented across several distinct entities at the local and provincial levels. The restructuring requires extensive assessment to ensure that the new reformed governance structure is effective and efficient. And in this regard, the UPPU, modelled on successful international think tanks, will act as the central repository for data, research and evidence-based policy advice on urban planning and development in KP.

Convention on VCM

Progress

This is the first-of-its-kind initiative in KP aimed at building a platform that brings stakeholders across the board to explore the potential of climate financing through Voluntary Carbon Markets (VCM). The Convention was attended by the key government counterparts – Secretary Environment, Secretary Energy and Managing Director Bank of Khyber); international development partners – UNDP, Asian Development Bank, FCDO and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ); and International and local carbon developers. The discourse aimed to better understand how voluntary carbon markets can function in KP, and to discuss the potential for public revenue generation and international private investment mobilization.

Ms Xiaohong Yang – the Chief Thematic Officer of ADB Sustainable Development and Climate Change Department – joined virtually to deliver a Keynote Address on “Imperative of Climate Finance in Pakistan’s Context.”

The creation of KP’s first functional Voluntary Carbon Market is one of the priority initiatives of SEED’s Climate Investment Pipeline for two reasons:

It has immense potential to mobilize international climate finance for climate resilient development in the province
It is a novel and demand-driven initiative that has considerable GoKP (Government of KP) ownership

SEED is leveraging this platform and has already made meaningful progress by engaging with, and facilitating technical one-to-one meetings between the carbon developers and government counterparts on potential project requirements that may enable carbon financing. If realized, the creation of a functional and efficient VCM will be a breakthrough in KP’s drive towards resilient development.

View the working paper on Voluntary Carbon Markets (VCM) here

CONVENTION ON VOLUNTARY CARBON MARKET

POLICY NOTES

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