Pakistan’s mangrove carbon credit sales hit $40mn, boosts target to $12bn by 2075

Woman gardener plants mangroves in Village Haji Doongar Jatt in Sujawal District on August 14, 2023 to mark the start of the Delta Blue Carbon (DBC) - 2 project, which aims to plant and restore mangroves. (AN Photo/ Zulfiqar Kunbhar)
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Updated 18 August 2023
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Pakistan’s mangrove carbon credit sales hit $40mn, boosts target to $12bn by 2075

  • Sindh launches Delta Blue Carbon (DBC) — 2 mangrove plantation, restoration project in coastal districts of Badin, Sujawal
  • Combined foreign direct investment in mangrove plantation project expected to reach $100 million, as per official data

SUJAWAL, SINDH: Cash-starved Pakistan raised its carbon trading sales target this month to $12 billion by launching a new mangrove plantation project at the Indus Delta in the country’s southern Sindh province that has till date sold $40 million worth of carbon credits, officials confirmed.

Known as the vertebra of Pakistan’s ecology and economy, the Indus Delta is the fifth largest in the world and home to the seventh biggest mangrove forest. According to the Sindh Forest Department (SFD), Indus Delta mangroves are unique as they are the largest arid climate mangroves in the world.

With the help of foreign private funding, on August 14, 2023, the SFD launched the new Delta Blue Carbon (DBC) — 2 mangrove plantation and restoration project in the coastal districts of Badin and Sujawal in Sindh. The DBC-2 is a continuation of the 60-year-long Delta Blue Carbon (DBC) — 1 mangrove restoration and plantation project that began in the Indus Delta in 2015 and is still carrying on.

“The current size of the Indus Delta is 670,000 hectares while the Sindh Forest Department aims to complete mangrove restoration and plantation in the Indus Delta on 450,000 hectares by 2030 though DBC-1 and DBC-2 projects,” Riaz Ahmed Wagan, chief conservator of forests in the Sindh Forest Department, told Arab News.




Women gardeners gesture for a group photo at an event to mark the start of the Delta Blue Carbon (DBC) - 2 project, aims to plant and restore mangroves, in Village Haji Doongar Jatt in Sujawal District on August 14, 2023. (AN Photo/ Zulfiqar Kunbhar)

“The ongoing DBC-1 project focuses on 250,000 hectares, while the new DBC-2 project plans to add 200,000 hectares in mangrove growth,” he added.

The forest department official said Sindh’s Indus Delta mangrove plantation is currently Pakistan’s only carbon credits seller project. These projects are designed to reduce or remove carbon dioxide from the atmosphere, and the resulting credits can be bought and sold on the carbon market.

Wagan said Sindh estimated to generate $7 billion in certified emission reductions (CERs) by completing the DBC-1 project by 2075. With the introduction of the DBC-2 initiative, the province aims to add an additional $5 billion by the same year, he added.

“As a result, through the combined projects Sindh is projected now to yield earnings of $12 billion by the year 2075 through carbon credit afforestation sales,” Wagan said.




This photo shows a mangrove nursery at the launch of Delta Blue Carbon (DBC) - 2 project, aiming to plant and restore mangroves, in Village Haji Doongar Jatt in Sujawal District on August 14, 2023. (AN Photo/ Zulfiqar Kunbhar)

According to Pakistan’s Ministry of Climate Change and Environmental Coordination document much of the original area where mangroves were planted has been degraded in the Indus Delta, primarily due to freshwater diversion, over-exploitation (wood, fodder, and grazing), and land-based pollution.

The Kyoto Protocol, an international treaty of which Pakistan is also a signatory, was established in 1997 and enforced in 2005. The treaty aimed to combat climate change and set mandatory emission reduction goals for developed nations.

According to the United Nations Framework Convention on Climate Change (UNFCCC), the Clean Development Mechanism (CDM) lets countries that promised to lower their emissions as part of the Kyoto Protocol, work on projects that reduce pollution in poorer countries. These projects can earn them credits called certified emission reductions (CERs), which help them meet their Kyoto goals.

Pakistan is currently among the top ten countries most impacted by climate change in the world. Officials say as a signatory of the Kyoto Protocol, Pakistan is also making efforts to mitigate and adapt to the effects of climate change. The Indus Delta mangrove plantation is a part of these efforts.




Male gardeners gesture for a group photo at an event to mark the start of the Delta Blue Carbon (DBC) - 2 project, aims to plant and restore mangroves, in Village Haji Doongar Jatt in Sujawal District on August 14, 2023. (AN Photo/ Zulfiqar Kunbhar)

 As per official figures, Pakistan’s emissions in 2018 totaled 489.87 metric tons of CO2 equivalent (MtCO2e), accounting for around 0.50 percent of global carbon dioxide emissions. This suggests that the DBC-1 and DBC-2 emissions credits projects will approximately be equal to half of the country’s emissions.

“The combined carbon offsetting of Pakistan through the DBC-1 and DBC-2 projects is anticipated to reach 240 million metric tons of carbon dioxide equivalent (MtCO2e),” Wagan noted.

“Within this, DBC-1 is projected to capture 140 million metric tons of carbon dioxide equivalent (MtCO2e) through carbon credits, while DBC-2 is expected to reduce approximately 100 million metric tons of carbon dioxide equivalent (MtCO2e) through carbon credits.”

As per official figures, Sindh has sold 3.1 million carbon credits as of now, worth $40 million. By 2075, Sindh is expected to create 140 million carbon credits in the Voluntary Carbon Market (VCM) — a global system to trade carbon offsets.




A woman gardener poses for a photo while planting mangroves in Village Haji Doongar Jatt in Sujawal District on August 14, 2023 to mark the start of the Delta Blue Carbon (DBC) - 2 project, which aims to plant and restore mangroves. (AN Photo/ Zulfiqar Kunbhar)

To date, Sindh has sold a total of $40 million worth of carbon credits in the carbon credit market through DBC-1. The value per carbon credit sold by Sindh has ranged from $12 to $50, reflecting variations in the market, Wagan said.

According to official statistics, combined foreign direct investment in DBC-1 and DBC-2 is projected to reach around $100 million, with an estimated investment of $60 million in DBC-1 and an anticipated investment of $40 million in DBC-2.

According to Waqar Hussain, a senior official at Environment, Climate Change & Coastal Development Department Sindh, the increasing mangrove cover in the Indus Delta would have a positive impact on the economy.

“Mangroves have the ability to absorb four times more carbon dioxide than other trees,” he said. “They act as protective barriers against cyclones and create habitats for aquatic life, benefiting fishing,” Hussain added.




A male gardener poses for a photo while planting mangroves in Village Haji Doongar Jatt in Sujawal District on August 14, 2023, to mark the start of the Delta Blue Carbon (DBC) - 2 project, which aims to plant and restore mangroves. (AN Photo/ Zulfiqar Kunbhar)

 


Pakistan pledges to sustain economic gains after inflation hits six-year low

Updated 18 December 2024
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Pakistan pledges to sustain economic gains after inflation hits six-year low

  • Finance minister says economic progress made so far will serve as foundation for future successes
  • Consumer Price Index in Pakistan fell to 4.9 percent this month, marking its lowest level since Apr. 2018

ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb on Wednesday vowed to maintain the country’s economic momentum after the Consumer Price Index (CPI) fell to 4.9 percent earlier this month, marking the lowest inflation rate since April 2018.
The pledge comes as Pakistan navigates a recovery from years of severe economic challenges, including soaring inflation, dwindling foreign exchange reserves, currency depreciation and a persistent fiscal deficit.
In recent months, however, the country has witnessed a steady improvement in macroeconomic indicators, taking measures to restore investor confidence, as it undertakes structural reforms under a $7 billion International Monetary Fund (IMF) program.
“The Finance Minister expressed optimism that the progress made so far would serve as a foundation for future successes, as the government remains dedicated to building a prosperous and stable Pakistan,” the finance ministry said in a statement released after the Economic Coordination Committee’s (ECC) meeting.
The meeting evaluated on the overall economic situation of the country and particularly mentioned the improvement in CPI.
“The current CPI figure marks the lowest in the past 78 months, signaling a positive shift in the country’s inflationary trends,” the statement added. “The decline in CPI reflects the government’s success in managing inflationary pressures and restoring price stability, particularly for essential commodities.”
Aurangzeb assured the public the government would continue its efforts to support economic stability and strengthen key sectors, including agriculture, manufacturing and infrastructure.
The ECC also discussed plans to pursue economic diversification and ensure better living standards for Pakistan’s population.


Saudi Arabia wants stronger parliamentary, economic ties with Pakistan, offers tech support

Updated 18 December 2024
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Saudi Arabia wants stronger parliamentary, economic ties with Pakistan, offers tech support

  • Saudi Shura Council chairman meets Pakistani parliamentary leaders during his three-day visit
  • Speaker Ayaz Sadiq calls for closer bilateral cooperation amid changing global environment

ISLAMABAD: Saudi Arabia seeks to strengthen parliamentary and economic ties with Pakistan and is keen to assist the National Assembly in the field of technology, the Kingdom’s Shura Council Chairman Dr. Abdullah bin Mohammed bin Ibrahim Al Sheikh said on Wednesday during his visit to Pakistan.
Dr. Al Sheikh is on a three-day visit to Pakistan, during which he has met with Prime Minister Shehbaz Sharif, who described relations with the Kingdom as a “vital pillar” of Pakistan’s foreign policy.
Both countries are longtime allies, with Islamabad seeking closer economic, defense and security ties with the Kingdom, which hosts approximately 2.5 million Pakistani expatriates and remains the largest source of remittances for the cash-strapped South Asian nation.
“Saudi Arabia aspires for a prosperous and developed Pakistan,” the Saudi official said according to an official statement circulated in Islamabad, following high-level meetings with Pakistan’s parliamentary leadership, including National Assembly Speaker Sardar Ayaz Sadiq and Senate Chairman Syed Yusuf Raza Gilani.
During his meeting with Speaker Sadiq, both officials emphasized the importance of enhancing bilateral parliamentary and economic relations.
Al Sheikh expressed gratitude for the warm reception and reiterated the shared cultural, historical and religious ties between the two nations.
“The rapidly changing global environment demands closer bilateral cooperation,” Sadiq said, highlighting the significance of parliamentary exchanges and joint initiatives to further mutual interests.
Separately, the Saudi official met with Senate Chairman Gilani, where discussions focused on broadening institutional cooperation. Gilani lauded Saudi Arabia’s support for Pakistan and emphasized the importance of leveraging shared opportunities in trade, investment and defense.
“Saudi Arabia’s parliamentary delegation visit will mark a new milestone in our bilateral ties,” Gilani said, adding that both countries have always supported each other in times of need.
Al Sheikh reaffirmed the Kingdom’s commitment to Pakistan, emphasizing the longstanding friendship between the two nations.
“Saudi Arabia and Pakistan share a deep bond of respect and mutual trust, which serves as the foundation for our robust partnership,” he said.
Gilani noted that strengthening economic collaboration and exploring investment opportunities were key to deepening ties further, while encouraging Saudi investors to actively explore ventures in Pakistan.
The meetings also covered joint efforts to promote unity among the Muslim Ummah and to enhance cooperation on global forums.


South Africa call up two uncapped fast bowlers for Pakistan Test series

Updated 18 December 2024
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South Africa call up two uncapped fast bowlers for Pakistan Test series

  • South Africa will be in next year’s World Test Championship final if they win one Test against Pakistan
  • The Proteas are faced with serious depletion of bowling resources, with several injured players

JOHANNESBURG: South Africa named two uncapped fast bowlers in a 16-man squad for a two-match Test series against Pakistan starting in Centurion on December 26.
With an entire battery of fast bowlers unavailable, left-armer Kwena Maphaka and Corbin Bosch were added to the team that beat Sri Lanka in Gqeberha this month.
Maphaka is an 18-year-old prodigy who has already been capped at Twenty20 international level while Bosch, the 30-year-old son of former Test fast bowler Tertius, has yet to play for the senior national team.
South Africa included all-rounder Wiaan Mulder and left-arm spin bowler Keshav Maharaj in the squad, but both selections are subject to fitness.
Mulder suffered a broken right middle finger in the first Test against Sri Lanka while Maharaj suffered what Cricket South Africa described as “an acute groin strain” while warming up for the first one-day international against Pakistan in Paarl on Tuesday.
Maharaj was due to have a scan on Wednesday to assess the severity of the injury.
Bosch, who has a first-class batting average above 40, could come into contention if Muller is unfit, while Senuran Muthusamy, also a left-armer, is the only other spin bowler in the squad if Maharaj is ruled out.
South Africa will be assured of a place in next year’s World Test Championship final if they win at least one Test against Pakistan — but their bowling resources have been seriously depleted.
Fast bowlers Anrich Nortje, Nandre Burger, Gerald Coetzee and Lizaad Williams have all been sidelined. It will be a blow if Maharaj, South Africa’s premier spin bowler, cannot play.
“We head into this series with a clear focus, with a spot in the World Test Championship final being the pot of gold at the end of the rainbow,” South African coach Shukri Conrad said in a CSA statement.
Squad: Temba Bavuma (capt), David Bedingham, Corbin Bosch, Matthew Breetzke, Tony de Zorzi, Marco Jansen, Keshav Maharaj, Kwena Maphaka, Aiden Markram, Wiaan Mulder, Senuran Muthusamy, Dane Paterson, Kagiso Rabada, Ryan Rickelton, Tristan Stubbs and Kyle Verreynne (wkt).
Fixtures:
December 26-30, Centurion
January 3-7, Cape Town


Pakistan receives 82,000 applications for government Hajj scheme this year

Updated 18 December 2024
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Pakistan receives 82,000 applications for government Hajj scheme this year

  • Religious Affairs Ministry says it may reopen applications in January to fill the remaining seats
  • Pakistan allowed intending pilgrims to pay Hajj fees in installments for the first time this year

ISLAMABAD: Pakistan has received 82,000 applications for next year’s Hajj pilgrimage under the government scheme, the spokesperson for the Ministry of Religious Affairs said on Wednesday, adding that more applications may be invited in early January to fill any remaining seats.
Saudi Arabia has allotted Pakistan a quota of 179,210 pilgrims for Hajj 2025, divided equally between government and private schemes. The government extended the deadline for applications twice this month, first from Dec. 3 to Dec. 10, and then to Dec. 17, as it aimed to fill over 89,000 seats under the government scheme.
For the first time, the country’s Hajj policy, announced in November, also allowed pilgrims to pay in installments. Under the scheme, the first installment of Rs200,000 ($717) must be submitted with the application, the second installment of Rs400,000 ($1,435) will be deposited within 10 days of balloting and the remaining amount will be paid by Feb. 10 next year.
“We have received 82,000 applications and have stopped accepting further submissions to facilitate the completion of the second installment process,” Muhammad Umer Butt, the ministry spokesperson, told Arab News, referring to the payment of expenses by pilgrims.
He said the second installment could be submitted at the same banks where applications were initially deposited, between Dec. 19 and Dec. 27.
“If any seats remain unfilled, we will reopen applications for a few days in the first week of January,” he said, adding that the ministry may also allocate leftover seats to the hardship quota, currently set at 1,000.
This quota is reserved for pilgrims with special needs or circumstances and attendants for individuals with disabilities.
The spokesperson said the government scheme witnessed about 12,000 to 13,000 more applications this year compared to 2023.
In 2024, Pakistan surrendered 21,000 Hajj seats to Saudi Arabia due to a shortage of applications, but the government hopes to fill all slots this time.
“This increase is due to the positive feedback from last year’s pilgrims regarding government facilities and the introduction of the installment option,” Butt said.
He informed the Pakistani Hajj mission has initiated its operations by starting the process of hiring services and accommodations in Saudi Arabia, adding the advance preparations would help determine the exact amount for the third and final installment, due in February.
The Ministry of Religious Affairs has launched the Pak Hajj 2025 mobile application to guide pilgrims, available for both Android and iPhone users. The government has also announced a reduction in airfare, with ticket prices for federal program pilgrims reduced to Rs220,000, down from last year’s Rs234,000.
Pakistan International Airlines, Saudi Airlines and private carriers have agreed to transport pilgrims next year, according to the ministry.


Pakistan, Saudi Arabia agree on player, umpire and coach exchange to boost cricket ties

Updated 18 December 2024
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Pakistan, Saudi Arabia agree on player, umpire and coach exchange to boost cricket ties

  • PCB chairman assures support for the promotion of women’s cricket in the Kingdom
  • He invites Saudi sports minister to Pakistan for ICC Champions Trophy in February

ISLAMABAD: Pakistan and Saudi Arabia have reached an agreement to establish an exchange program for players, umpires and coaches to enhance cricket ties and talent development between the two nations, the Pakistan Cricket Board (PCB) said on Wednesday.
The development was announced after PCB Chairman Mohsin Naqvi held a meeting with Saudi Deputy Minister of Sports Badr bin AbdulRehman Al-Qadi in Riyadh, during which he invited him to attend the ICC Champions Trophy and Pakistan Super League (PSL) next year.
Naqvi, who is also the interior minister, has been in the Kingdom since Sunday and has offered full cooperation for the promotion of cricket and the construction of stadiums in Saudi Arabia.
“The two leaders agreed to introduce an exchange program for players, umpires and coaches between Pakistan and Saudi Arabia to foster talent development and knowledge sharing,” the PCB said in its statement.
Naqvi also assured support for the promotion of women’s cricket in the Kingdom.
“Pakistan stands ready to provide complete support for the growth of cricket in Saudi Arabia, including the promotion of women’s cricket,” he was quoted as saying during the meeting.
“With abundant talent in Pakistan and initiatives like the Pakistan Super League (PSL), we are eager to share our expertise with Saudi Arabia to help develop cricket in the Kingdom,” he added.
The Saudi deputy minister of sports thanked the PCB chairman for the invitations to the ICC Champions Trophy and the PSL while expressing enthusiasm for working closely with Pakistan to strengthen cricket ties between the two nations.
Naqvi also met Prince Saud bin Mishal Al Saud, chairman of the Saudi Arabia Cricket Federation, earlier this week.
According to the PCB, there are about 18,000 cricket players in the Kingdom, which has also won the Asian Cricket Council Challenge Cup.