By Imtiaz Hussain
SUKKUR: Transparency International Pakistan outlined a legislative roadmap for carbon markets at a high-level consultative meeting with parliamentarians and national experts in Islamabad, stressing the need for statutory backing to ensure legal certainty, data integrity, and enforceable safeguards.
The consultation highlighted that while Pakistan’s Policy Guidelines for Trading in Carbon Markets, approved in December 2024, marked a key milestone, guidelines alone are insufficient. Experts said Parliament must enact a Carbon Markets Framework Act to define carbon credits, Internationally Transmitted Mitigation Outcomes (ITMOs), and Verified Emission Reductions as legal assets.
The legislation should establish ownership rules, clarify treatment in contracts, taxation, and dispute resolution, and codify benefit-sharing and community safeguards aligned with international standards. Kashif Ali, Executive Director of TI Pakistan, said clear legislation would reduce investor risk, strengthen Pakistan’s NDC commitments, and unlock climate finance by positioning the country as a credible carbon market host.
Closing the consultation, National Assembly Standing Committee Chairperson Munaza Hassan emphasized Parliament’s central role in providing the legal framework for carbon markets and ensuring climate finance supports both national and community priorities. She thanked Transparency International Pakistan for engaging lawmakers on advancing climate governance in the country.
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