ISLAMABAD: Pakistan on Thursday said it has initiated work on a number of green financing instruments, buoyed by widespread global investor interest in the country's first green bond floated in the international market last week.
A Pakistani utility company on May 27 launched the country's first-ever US dollar-denominated green Eurobonds, seeking $500 million for environmentally friendly projects to enhance the clean energy share in the country's power generation mix, which relies heavily on fossil fuels -- particularly coal.
"The green bond was six times oversubscribed ... which shows there is a global appetite for a country that has economic stability and as well as green credibility," Climate Change Minister Malik Amin Aslam told Reuters.
The South Asian nation, which is the host country of the UN's annual World Environment Day on June 5, is one of the most vulnerable countries in the world to climate change and has been hit hard by extreme weather events including devastating floods.
It is now looking to become a major player in the global green financing market.
Aslam said Pakistan plans to further tap the green bond avenue for building and transport financing.
Pakistan on Thursday also completed its first assessment for blue bonds, a financing instrument that raises capital from global investors for projects that protect ocean ecology and related industries, such as fisheries and eco-tourism.
For this, Aslam said that Pakistan had launched its first blue carbon estimation, aided by the World Bank.
He said the World Bank had estimated the country's new plantation projects -- including planting 10 billion trees over the next few years -- if nurtured successfully would be worth $500 million by 2050.
The World Bank, he said, had used conservative estimates for carbon pricing, and the valuation could go up to $2.5 billion.
Pakistan on Thursday also released a joint statement with Canada, Britain, Germany and the United Nations Development Program outlining its push to establish a "Nature Performance Bond" to provide the country with accelerated access to development financing and debt relief in exchange for meeting ecosystem restoration targets.
"The nature bond is chartering totally unchartered territory," Aslam said. The bond will be developed by a consortium of financial advisers and is in its initial stages.
Pakistan rolls out plans to tap global green financing avenues
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Pakistan rolls out plans to tap global green financing avenues
- The country is vulnerable to the world climate change and plans to be a major player in the global green financing market
- Pakistan has also completed its first assessment for blue bonds to protect ocean ecology and related fisheries and ecotourism industries
Army major among two soldiers, six militants killed in Pakistan’s troubled northwest
- The deaths occurred during an intelligence-based operation in the North Waziristan district, which borders Afghanistan
- Islamabad blames a surge in militancy on militants operating out of neighboring Afghanistan, Kabul denies the allegation
ISLAMABAD: Two Pakistani soldiers, including an army major, and six militants were killed in operation in Pakistan’s northwestern Khyber Pakhtunkhwa (KP) province, the Pakistani military said on Thursday, amid a surge in militancy in the restive region.
Pakistan has witnessed the surge in militancy in KP, which borders Afghanistan, since a fragile truce between the Pakistani Taliban, or the Tehreek-e-Taliban Pakistan (TTP), and the state broke down in November 2022.
The soldiers and the militants were killed in an exchange of fire during an intelligence-based operation in the North Waziristan district, according to the Inter-Services Public Relations (ISPR), the Pakistani military’s media wing.
“Sanitization operation is being conducted to eliminate any other Kharji [militant] found in the area,” the ISPR said in a statement.
The development comes days after Pakistan security forces killed 30 militants in separate engagements in KP’s Lakki Marwat, Karak and Khyber districts.
The TTP and other militant groups have stepped up their attacks against security forces, besides targeted killings and kidnappings of law enforcers and government officials, in recent months.
Islamabad has frequently accused neighboring Afghanistan of sheltering anti-Pakistan groups which launch cross-border attacks. Afghan officials deny allowing the use of their soil against any country.
Pakistan envoy identifies textiles, agriculture as key sectors to focus in exports to Saudi Arabia
- Pakistan and Saudi Arabia are close regional partners, and the Kingdom remains the largest source of remittances to the South Asian country
- Ambassador Ahmad Farooq stresses need to improve vocational training of Pakistani workers to meet standards required for mega Saudi projects
KARACHI: Pakistan Ambassador to Saudi Arabia Ahmad Farooq on Wednesday identified textiles, agriculture and red meat as key sectors for Pakistani businesses to focus on in order to increase the country’s exports to the Kingdom.
Farooq identified the key sectors during his visit to the Karachi Chambers of Commerce and Industry (KCCI) on Wednesday, where he met with leading Pakistani businesspersons and industrialists, according to the KCCI.
The ambassador highlighted that Pakistan’s exports to the Kingdom had registered a 40 percent increase during 2023-24, with the information technology (IT) sector witnessing an impressive 50 percent growth.
Pakistan and Saudi Arabia last year signed 34 agreements worth nearly $3 billion, of which, memorandums of understanding (MoUs) worth $700 million have already entered the implementation stage, according to Farooq.
“We want large businesses to connect with local distributors in Saudi Arabia to facilitate exports,” he was quoted as saying by the KCCI. “A list of key exporters in these sectors should be shared with the [Pakistani] embassy so we can work together to strengthen trade relations.”
Farooq said Pakistani textile, agriculture and meat (beef and mutton) products had already seen a “remarkable growth” in the Saudi market, adding that the Kingdom offers vast opportunities for Pakistani businesses.
“The purpose of my visit is to discuss business opportunities with the Karachi business community and update them on how Pakistan’s embassy can support them in accessing the Saudi market,” he added.
Speaking about the rising demand for skilled manpower, the Pakistani envoy said more than 3 million Pakistanis were currently living in the Kingdom, however, 97 percent of them were “blue-collar workers.”
Saudi Arabia is currently developing its public service sectors such as health, education, infrastructure, recreation and tourism as part of a strategic framework, Vision 2030, which aims to diversify the Kingdom’s economy beyond oil. The
Kingdom’s ambitious plan coincides with Pakistan’s efforts to boost trade and foreign investment to revive its fragile economy.
“Saudi authorities have advised us to improve vocational training for Pakistani workers to meet the standards required for upcoming projects,” Ambassador Farooq said, stressing the need to enhance training programs to equip these workers with modern technical skills.
Pakistan and Saudi Arabia are close regional partners, and the Kingdom remains the largest source of remittances to the South Asian country, contributing $7.5 billion in the last fiscal year (July 2023-June 2024), according to KCCI President Jawed Bilwani.
Saudi Arabia has also regularly provided Pakistan oil on deferred payments and offered direct financial support to help shore up Pakistan’s forex reserves.
KCCI Senior Vice President Zia-ul-Arfeen stressed the need to enhance joint ventures between the two countries, urging Islamabad to further improve the ease of doing business for foreign investors.
“Saudi investors should consider Pakistan for investments, particularly in the food sector,” he added.
Pakistan’s Noman Ali enters ICC Test rankings of top five bowlers
- Ali became 5th Pakistan bowler to grab a Test hat trick in Pakistan’s second Test against West Indies
- India’s Jasprit Bumrah ranked number 1, followed by Pat Cummins, Kagiso Rabada and Josh Hazlewood
ISLAMABAD: Pakistani spinner Noman Ali has made it to the International Cricket Council’s (ICC) Test rankings of top five bowlers, the Pakistan Cricket Board (PCB) said on Wednesday.
Ali shone with his brilliant performance in Pakistan’s two-match Test series against West Indies, becoming the fifth Pakistan bowler to grab a Test hat trick.
“He is currently the top-ranked spinner in the format after taking 16 wickets across two Tests vs West Indies,” the PCB said in a statement.
India’s Jasprit Bumrah is ranked number one Test bowler by the ICC, followed by Australian Pat Cummins, South Africa’s Kagiso Rabada and Josh Hazlewood, also from Australia.
Pakistan triumphed in the first Test in Multan by 127 runs. The West Indies won the second Test in Multan by 120 runs to draw the series 1-1.
This was the West Indies first Test win in Pakistan in nearly 35 years. The last time the West Indies won a Test in Pakistan was in Faisalabad in November 1990, having gone winless on their 1997 and 2006 tours.
Pakistan voices security concerns over presence of US weapons in Afghanistan
- The weapons and equipment were reportedly left in the aftermath of a chaotic withdrawal of US and allied forces from Afghanistan in August 2021
- Islamabad says it has repeatedly asked authorities in Kabul to take necessary measures to ensure these weapons do not fall into the wrong hands
ISLAMABAD: Pakistan on Wednesday voiced “profound concern” over the presence of advance United States (US) weapons in Afghanistan, which Washington has sought to be returned by Kabul’s Afghan Taliban rulers.
The weapons and equipment, coopted by the Afghan Taliban, were reportedly left behind in the aftermath of a chaotic withdrawal of US and allied forces from Afghanistan in August 2021. The previous administration of Joe Biden maintained that US forces had not left behind any equipment during the withdrawal that could be used by militants to target Pakistan.
However, President Donald Trump on Jan. 20 accused the Biden administration of giving “our military equipment, a big chunk of it, to the enemy,” conditioning Afghan aid to the return of these weapons. Afghanistan’s Taliban authorities on Wednesday called for the humanitarian aid not to be politicized.
“The presence of US advance weapons in Afghanistan, left behind in the aftermath of the withdrawal of its troops in August 2021, has been an issue of profound concern for the safety and security of Pakistan and its citizens,” the Pakistani foreign office said in a statement.
“These weapons have been used by terrorist organizations, including the TTP [Tehreek-e-Taliban Pakistan], to carry out terrorist attacks in Pakistan.”
The statement came months after Pakistani security sources said custom authorities had seized a large cache of US-made weapons and ammunition worth approximately Rs35 million ($125,000) at a border crossing between Pakistan and Afghanistan. The weapons seized at the Torkham border crossing in Pakistan’s northwestern Khyber Pakhtunkhwa (KP) province included M4 rifles and magazines, security sources said in Oct. last year.
Pakistan has struggled to contain surging militancy in KP since a fragile truce between the Pakistani Taliban, or the TTP, and the state broke down in November 2022.
The TTP and other militant groups have frequently targeted security forces convoys and check-posts, besides targeted killings and kidnappings of law enforcers and government officials in recent months.
In 2024 alone, the Pakistani military reported that 383 soldiers and 925 militants were killed in various clashes.
“We have been repeatedly calling upon the de facto authorities in Kabul to take all necessary measures to ensure that these weapons do not fall into the wrong hands,” the foreign office added.
The development comes at a time of strained ties between Pakistan and Afghanistan, and Islamabad has frequently blamed the surge in militancy on Afghanistan, accusing it of sheltering and supporting militant groups that launch cross-border attacks. Afghan officials deny involvement and insist that Pakistan’s security issues are an internal matter of Islamabad.
Lion cub gifted to Pakistani YouTube star causes wedding chaos
- Rajab Butt has one of the largest online followings in the South Asian country and his week-long nuptials in late December were plastered over celebrity gossip websites
- Pictures spread rapidly online when a sleepy lion cub was presented to him in a gold-chained cage in front of thousands of guests who partied late into the night in Lahore
LAHORE: A Pakistani YouTube star who was gifted a lion cub on his wedding day has avoided jail after promising a judge to upload animal rights videos for a year.
Rajab Butt has one of the largest online followings in the South Asian country and his week-long nuptials in late December were plastered over celebrity gossip websites.
When a sleepy lion cub, resembling young Simba from the 2019 “Lion King” film, was presented to him in a gold-chained cage in front of thousands of guests who partied late into the night in the eastern megacity of Lahore, pictures spread rapidly online.
Butt captioned a video of the event “it’s raining gifts,” racking up nearly 10 million views.
The morning after, police raided his house, confiscated the cub and kept the newly-wed in custody overnight.
“We found out about the lion cub through social media,” said Faisal Mushtaq, an inspector from the Punjab provincial wildlife department.
Police officers went to Butt’s house and found the lion cub roaming around the garage, he said.
“It was in a poor condition, as it was very cold,” said Mushtaq.
Last week, Butt pleaded guilty to owning an undocumented wild animal but the judge waived a possible fine and prison sentence of up to two years for a more tailored punishment.
Every month for one year, he must post a five-minute video dedicated to animal rights, said the order by judge Hamid Ul Rahman Nasir.
The social media influencer agreed to the conditions, after admitting in a court statement that he “set a poor example” by accepting the gift and going on to “glorify it.”
Butt is one of the country’s highest-paid YouTube stars, according to the platform, and usually posts videos about his family’s daily life, from arguments to new car purchases.
Tanvir Janjua, a veteran wildlife official in Punjab, said the cub was likely bought for between 700,000 and 800,000 Pakistani rupees ($2,500-$2,900).
“It is so wrong, morally and legally, to take away such a small cub from its mother,” which was likely still feeding it, he told AFP.
NEW REGULATIONS
A week after the YouTuber was arrested, an adult lion escaped from his cage, running through the narrow streets of a Lahore neighborhood as residents clambered to their rooftops.
The full-grown adult male was eventually shot dead by a security guard, prompting heated outrage on social media about the dangers of keeping a big cat in a residential area.
Big cats are imported and bred across Pakistan, seen as symbols of wealth and power to the elite that own them.
Last year, Pakistan Muslim League-Nawaz, which rules the government, banned supporters from bringing lions — the symbol of the party — to political rallies.
However, stringent new regulations banning private ownership of big cats in residential areas are currently making their way through Punjab’s provincial government.
Breeders would have to buy a license and have at least 10 acres (four hectares) of land on a site approved by wildlife officials.
‘NEVER BE YOUR PET’
The gifted lion cub, which hasn’t been named, is now enjoying the winter sun in an open pen at Lahore’s sprawling Safari Zoo on the edge of the city, under the watchful eye of a handler.
Janjua, also the zoo’s deputy director, has conducted hundreds of raids against owners, breeders and poachers over the past 33 years to confiscate wild animals, including lions which often had their teeth and claws removed.
“Look at these YouTubers who use these animals to get clicks. What kind of a message are they spreading by being cruel to these animals?” he said, scornful of those who parade them in their cars and at political rallies.
“They can never be your pet. For two or three months it won’t say anything but after that, it will turn aggressive.”
As he nears retirement, Janjua says attitudes toward animals have worsened throughout his career. Laws, however, have improved, he says.
“Now wildlife officials have dedicated uniforms, weapons and we will get our own courts,” he told AFP.
“The courts that already exist are now strict about animal cruelty.”
