COMSATS holds training workshop on ‘Carbon Markets and Carbon Credits’

ISLAMABAD, May 05 (APP): COMSATS Center for Climate and Sustainability organized an internal training workshop on “Carbon Credits and Carbon Markets” here on Sunday, recognizing the urgent need to raise awareness and build capacity among stakeholders on carbon market mechanisms, especially in light of the discussions and developments during COP28, where Article 6 played a central role.
The workshop was held at the COMSATS Secretariat and the agenda included a comprehensive overview of carbon credits and the carbon market, carbon trading mechanisms, project cycle and key players in the carbon market.
Participants gained insight into fundamental carbon principles and project integrity, gained insight into their own carbon footprint and theories applied to setting up national emissions trading schemes.
In addition, discussions covered the prospects for carbon trading in Pakistan, emerging policy frameworks for carbon trading and real-world case studies.
Ambassador Dr. Mohammad Nafees Zakaria, Executive Director of COMSATS, delivered the opening speech and emphasized the importance of leveraging carbon markets for mutual benefit. He highlighted the role of COMSATS as an intergovernmental organization with a network of 25 Centers of Excellence, ready to unlock the benefits of carbon credit and carbon markets.
Dr. Zakaria stressed the importance of reducing all sources of greenhouse gas emissions to near zero and encouraged participants to seek advice from experts on the basic principles, regulations and issuance process of carbon credits.
Dr. Sohail Malik, technical team leader at the Climate Resourcing Coordination Center (CRCC), shared insights on carbon pricing tools for achieving decarbonization goals, including emissions trading systems, and provided an overview of international practices.
He delved into the evolution of global carbon markets over the past twenty years and explained the certification process of the Carbon Offset Project.
The Senior Representative of Ministry of Climate Change and Environmental Coordination (MoCC&EC), Government of Pakistan, presented a case study on Project Registration with Carbon Standards Verra. He provided detailed insights on Delta Blue Carbon and outlined the preparation document required for Carbon credit and offset projects. The representative of the Ministry of Climate described the potential integration of carbon credits and offsets towards Pakistan’s Nationally Determined Contributions (NDCs) and also highlighted the Pakistani government’s efforts to reduce major emissions. Moreover, he provided an overview of emerging global carbon markets and the impact of their price variation on decision-making processes.
Ms. Minha Hanif, Climate Analyst at Resources Future, provided participants with insights into the carbon credits project cycle, the Core Carbon Principles including governance and sustainable development, and the concept of the project’s baseline, boundaries and leakages. She engaged in an interactive discussion with participants and asked questions about some case projects to deepen their understanding of the types of projects that generate carbon credits.