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PBC launches webinars on decarbonizing the economy

KARACHI: Pakistan Business Council (PBC) has launched a series of webinars with the British High Commission for companies in Pakistan committed to limiting global warming to 1.5 degrees Celsius to prevent threats from climate change and ensure sustainable growth.

The webinars would deal with business and society, greening the economy and climate protection by committing to the “Business Ambition to 1.5 campaign”. A recent report by the Intergovernmental Panel on Climate Change (IPPC) warns of the consequences if the world does not limit global warming to 1.5 degrees Celsius.

The series of webinars would highlight the commitments companies made in the run-up to COP 26 to show that scalable and reproducible transformations to reduce greenhouse gas emissions were possible and profitable.

“Companies commit to support this campaign because they recognize that decarbonising the economy is critical to preventing future climate threats, creating decent jobs and ensuring resilient, sustainable growth,” said Mike Nithavrianakis, UK Deputy High Commissioner for Karachi and Director of Commerce for Pakistan.

More than 1,400 companies around the world have signed up to the campaign, which requires them to set science-based goals designed to limit global temperature rise to 1.5 degrees above pre-industrial levels. To achieve this, greenhouse gas emissions must be halved by 2030 and net zero emissions must be achieved by 2050.

“Research from our Responsible Business Competence Center shows that climate change is an important issue for organizations, but companies vary in how they prioritize carbon footprint calculations,” noted Muhammad Aurangzeb, President, HBL and Vice Chairman, PBC. He said these webinars are knowledge building sessions on how to embark on this journey.

Damandeep Singh, director of UK consultancy Carbon Disclosure Project, said: “For the corporate sector, this means achieving net zero emissions from operating products and supply chains … What they do is more likely to reduce future losses for the organizations . “

These companies recognize the large and growing market for low carbon goods and services that they want to help provide. Low carbon options often cut costs, as solar and wind power are now cheaper than new coal or gas power in two-thirds of the world. These options can also increase energy security as they are domestically produced. They understand that reducing their emissions will help mitigate the risks of climate change spiraling out of control.

Commenting on Renewable Energy, Zeeshan Nasir, COO, Artistic Milliners said, “While the initial investment is there, if you adopt the approach over time, your total cost will decrease and the overall value of your business will increase.”

At a time of heightened climate and consumer awareness, participating in the Race to Zero sends the strongest signal to government, markets, supply chains and consumers that Pakistani companies are committed to a clean, green transition. A public Race to Zero declaration also enables companies to support Pakistan in meeting its international climate commitments.

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