'Debt for Nature' swap scheme in the pipeline, targeting US $1 billion funding: Amin.

ISLAMABAD -- Special Assistant to the Prime Minister (SAPM) on Climate Change Malik Amin Aslam on Sunday said, an ingeniously designed 'Debt for Nature' swap scheme was recently put in the pipeline, targeting US $1 billion funding.

The SAPM said there were strong indications of a growing global appetite for supporting this directional shift and Pakistan has been recently chosen to pilot an impact based nature bond - linking debt retirement with quantifiable performance on biodiversity protection,' the PM's aide highlighted in a news release.

Amin said the incumbent government was taking all-out coping measures to address deleterious impacts of global climate crisis on the country's socio-economic sectors for achieving environmental and economic sustainability.

The SAPM explained that the measures being taken under the Prime Minister's world-acclaimed vision for Clean Green Pakistan included nation-wide massive tree plantation and protection activities, promotion of renewable energy, shelving of coal-based energy projects, promotion of electric vehicles, mass transit system, establishment of new national parks and protection of the existing ones and launch of US$ 500 million green euro bond for overall ecosystem restoration in the country.

Talking about introduction of 500 million 'Green Euro Bond, he said that during the pandemic, the country made a bold announcement to shift away from a coal-based pathway towards renewable energy by announcing a target of achieving 60 percent clean energy mix by 2030.

Then, Pakistan quickly followed up this announcement by shelving 2600MW of imported coal projects and replacing them with 3700MW of hydroelectric projects, he highlighted.

'Sensing a growing appetite for green and low-carbon investments in the international capital markets, Pakistan is all set to launch its first 'Green Euro Bond' for $500 million this month,' he said, hoping it would harbinger the country's entry into an expanding and eco-conscious marketplace.

Subsequently the present government took the lead by initiating a first of its kind 'Natural Capital Valuation' exercise to determine the true value of the natural asset that it is protecting and preserving, not only for itself but also a world besieged by the growing crisis of climate change and biodiversity loss, he added.

Malik Amin Aslam said that the ambitious green stimulus initiative, launched last year by PM Imran Khan to sustain economic instability caused due to Covid-19...