Chief Minister Punjab Mohsin Naqvi has sought a comprehensive carbon credit plan for afforestation and valuable carbon exchange.
During the meeting, attended by Provincial Ministers Amir Mir, Ibrahim Hasan Murad, secretaries of forests, finance & industries departments and others, a consensus was reached to enlist the expertise of a consultancy firm for the strategic acquisition of carbon credits.
The briefing illuminated the diverse sectors, numbering ten in total, from which carbon credits can be obtained. These sectors include waste management, transportation, renewable energy, industry and land use, among others. It was underscored that the acquisition of carbon credits is intricately tied to activities such as the preservation of forests and the proactive management of environmental pollution.
An important aspect highlighted in the meeting was the practice of countries with higher carbon emissions channelling investments into afforestation and environmental conservation initiatives in other nations. The allocation of carbon credits operates on a specific mechanism aimed at oxygen generation through the meticulous control of carbon emissions. This process involves countries emitting carbon and engaging in financial transactions with others to secure these credits.
Similarly, carbon credits are also bought and sold through the voluntary carbon market, the briefing further explained.