March Madness
Zero-point Partners
An advisory and project management firm focused on enabling the transition to a sustainable economy.
Welcome to the twelfth (we're a year old!) edition of The Green Guild, Zero-Point Partners’ newsletter, where you get a quick rundown of how the earth is doing.
March Round-up: What's new?
The Local Edit
PILAP pleads government inaction against climate change to the Supreme Court. The Public Interest Law Association of Pakistan (PILAP)? has petitioned against the glaring ineffectiveness of the Pakistan Climate Change Act of 2017. This claim was based on the absence of a Pakistan Climate Change Authority to date, in addition to a Pakistan Climate Change Fund. The petition has elicited a response from the Supreme Court, prompting them to order a report from the federal government outlining their climate change initiatives.
Sustainability and ESG to make way into Pakistan’s corporate governance structures. The Securities and Exchange Commission of Pakistan (SECP) has proposed amendments to the Listed Companies (Code of Corporate Governance) Regulations, 2019 which direct the Board's responsibilities to considerations of ESG, DEI, and gender equality. Also included under this umbrella is the development of a corporate sustainability strategy and alignment with the upcoming ESG Disclosure Guidelines.
OGDCL increases focus on ESG. A meeting for the Oil & Gas Development Company's (OGDCL) ESG committee was convened in Islamabad to discuss the company's ESG policy. Various ESG-related matters were also discussed including the OGDCL ESG report for 2024, the ESG policy implementation framework, multiple material issues and potential gaps, and the company's overall progress on sustainable development goals.?
GCF funding secured for Pakistan’s first climate adaptation-focused investment fund. In a transformative move for Pakistan’s agriculture sector, Acumen Pakistan has secured USD 90 million in funding for its climate-focused initiative. The unique blended finance facility in the form of an investment fund is dedicated towards the nation's increasingly vulnerable agriculture sector, with a prime focus on climate adaptation activities and vulnerable farmers. The amount is split 90-10, with 80 million as equity funding dedicated to small local businesses in the agricultural sector. The remaining USD 10 million shall be received as grant funding for enhancing the climate resilience of the local ecosystem and providing support to investee firms.
Local financial institutions join forces to digitize lending in the agriculture sector. In a revolutionary initiative to transform the agricultural landscape of Pakistan, the Bank of Punjab has allied with local special purpose vehicle Karandaaz under the latter’s Digital Financing for Agriculture (DFA) Challenge 2023. This move, backed by a PKR 50 million grant, shall provide digital and advisory services for the promotion of innovation, productivity, and sustainability across Pakistan's agricultural sector. In addition, this Challenge aims to encourage financial inclusion and accessibility to credit across Pakistan, improve agricultural sector productivity, and mitigate poverty.?
The Global Edit
Considering Islamic Finance as the bridge between climate change and funding gaps. Global development consultancy Globesight has highlighted the potential of Islamic finance to act as a mobilizer of much-needed climate finance funds from a variety of sources. The Climate Policy Initiative has stated the need for climate finance funds to increase to USD 4.3 trillion - at least sevenfold - by 2030. The Globesight publication thus considers Islamic finance as a potential driver of climate-related funds given its inclination towards sustainable development, ethical practices, environmental stewardship, and its unique social finance mechanisms (Zakat).
Study reveals 80% of global investors have sustainable investment policies. A new study by Deloitte has revealed interesting insights centered around ESG investment policies. Findings show that a whopping 79% of investors have a sustainable investment policy in comparison to a mere 20% from half a decade ago. In addition, investors stated regulatory requirements, improved financial performance, and stakeholder pressures to be the top three reasons for integrating sustainability elements into their decision-making procedures.
Climate change indicators for 2023 ominously off the charts. The World Meteorological Organization has reported unprecedented readings for ocean heat, surface temperatures, greenhouse gas levels, sea level rise, and ice retreat. In addition, the WMO State of the Global Climate 2023 report stated multiple catastrophic climate change-induced events across the world that resulted in billions of dollars of economic losses. These climatic hazards have pushed the world dangerously close to the 1.5 degrees Celsius mark.
Events to Enhance the Environment – EEE
领英推荐
Local Calendar
Global Calendar
Our Efforts
Our team members participated in the following events in March:
Green your socials!
We recommend following these local environmental experts this month:
Want to collaborate with us? Email [email protected]