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Pakistan Planning to Implement Carbon Pricing Mechanism to Lower Greenhouse Gas Emissions

Pakistan is planning to use a tool called carbon pricing to reduce the amount of greenhouse gases it releases. The Asian Development Bank (ADB) talked about this in a report called “Asian Economic Integration Report 2024, Decarbonizing Global Value Chains.”

Pakistan Planning to Implement Carbon Pricing Mechanism to Lower Greenhouse Gas Emissions

The report says that using carbon pricing is an important way to lower greenhouse gas emissions. Some countries in Asia have already started using carbon pricing, but there is still a lot of work to be done. As of April 2023, Japan and Singapore have carbon taxes, and Indonesia, Kazakhstan, New Zealand, China, and South Korea have emissions trading systems. Other countries like Brunei Darussalam, India, Pakistan, the Philippines, Thailand, and Vietnam are planning to use them.

Some Asian countries, including Bangladesh, Nepal, Pakistan, the Philippines, and Thailand, are among the top 10 countries most at risk from long-term climate issues. Asia also experienced more than half of all global losses due to various hazards from 2000 to 2022.

The report mentioned that five trade agreements, involving at least one Asian country, started in 2023. For example, the Indonesia–Republic of Korea Comprehensive Economic Partnership Agreement (CEPA) took effect two years after being signed in December 2020. Indonesia also made agreements with Iran and Uzbekistan made separate agreements with Pakistan and Turkey to expand their trade outside Central Asia.

The report also talked about the impact of the COVID-19 pandemic on migration from Asia and the Pacific. After a decrease in 2020, migrant outflows have been recovering. In 2022, countries like Bangladesh, India, Pakistan, and Sri Lanka saw more people leaving compared to before the pandemic. However, Indonesia and the Philippines had increased outflows but still below pre-pandemic levels.

The report mentioned Pakistan’s Logistics and Freight Policy, which aims to improve domestic and international supply chains through better coordination of transportation methods like roads, railways, marine routes, inland waterways, and aviation.

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The report noted that regional integration in Asia and the Pacific has been increasing steadily since the mid-2000s, similar to the European Union. The region has made significant progress in technology and digital connectivity, especially during the COVID-19 pandemic. However, integration in trade and investment has slowed down since 2019.

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