KARACHI: OICCI (Overseas Investors Chamber of Commerce and Industry) hosted a pivotal Pre-COP29 Policy Dialogue, bringing together key stakeholders from the private sector, government, and international organizations to discuss the critical role of corporate investment in advancing Pakistan’s climate goals.
Jason Avanceña, Senior Vice President of OICCI and CEO of Nestlé Pakistan, emphasized the urgent need for a unified and strategic response from the business community in tackling climate change. “Climate change is a reality we cannot afford to ignore,” Avanceña stated during the event. “As we approach COP29, it’s clear that the private sector plays a crucial role in driving Pakistan’s climate resilience. OICCI is fully committed to mobilizing the necessary investments and technologies to close the $152 billion adaptation financing gap and embed sustainability within the core of our business strategies.”
Pakistan, already one of the world’s most climate-vulnerable countries, is increasingly at risk from extreme weather events such as floods, heatwaves, and droughts. The catastrophic 2022 floods, which displaced nearly eight million people and caused damages totaling $15 billion, serve as a stark reminder of the urgent need for climate adaptation and sustainable development.
M. Abdul Aleem, Secretary General of OICCI, further underscored the economic and social stakes of addressing climate change. “This is not just an environmental challenge; it is a direct threat to our economy and social stability,” Aleem remarked. “Through green finance, OICCI members are not only protecting the environment but also creating new economic opportunities for growth and resilience.”
During the dialogue, Dr. Abid Suleri, Executive Director of the Sustainable Development Policy Institute (SDPI), highlighted the importance of public-private partnerships in achieving Pakistan’s climate objectives. “We cannot achieve our shared climate goals without a concerted effort from all sectors,” Suleri emphasized. “By developing policies that incentivize investment, we can bridge the critical financing gaps and strengthen Pakistan’s climate resilience.”
Keynote speakers included **Samuel Rizk**, Resident Representative of UNDP Pakistan, who shared innovative financial models designed to attract climate capital. The session also featured panel discussions with representatives from Unilever Pakistan, Coca-Cola Company, HBL, and Engro Foundation, who detailed their sustainability initiatives and explored ways to foster greater collaboration between the public and private sectors to enhance green finance.
The event highlighted OICCI’s ongoing contributions to climate action, including its active participation in COP28 and its commitment to promoting sustainable business practices. In 2023, OICCI members collectively invested over Rs 13 billion in corporate social responsibility, with Rs 1.5 billion specifically directed toward environmental protection.
As Pakistan gears up for COP29, OICCI remains dedicated to supporting the country’s climate objectives through concrete actions and continued advocacy for green finance. By leveraging its platform, OICCI aims to accelerate progress on climate resilience, pushing for practical and scalable solutions to safeguard both the environment and the economy.
