By Hifsa Raja

ISLAMABAD, July 26: The Pakistan-China Institute (PCI) has collaborated with the Sustainable Development Policy Institute (SDPI) to create the Green China Pakistan Economic Corridor (CPEC) Alliance that aims to green and decarbonize the CPEC.

Executive Secretary of the CPEC M Arsalan told WealthPK that the practical work on the project was yet to be initiated. Research is being carried out on the Green China Pakistan Economic Corridor, while some of the research articles have been submitted, he said.

According to Arsalan, the Alliance, comprising members from both the countries, is meant to promote the transition of Pakistan and China.

Ms. Sahar, Secretary to the Executive Director of the SDPI, told WealthPK that they had granted the project to Dr. Hina Aslam for research.

Ms. Rimsha Ejaz from the Capital University of Science and Technology has a strong interest in green finance, as she has done significant research in green bonds.

‘‘The capacity of the country's green finance sector will be expanded because of this project, which also aims to meet the nation's growing demand for sustainable development. This is accomplished through effective communication, training, and working shops that will be coordinated by CPI and SDPI. Conducting research on how to green the CPEC is our another goal. Research based on evidence will be used to establish the framework for green financing,’’ she said.

Ms. Rimsha said the goal of the Alliance was to green and decarbonize the CPEC by supporting a re-direction of Chinese infrastructure investments away from emission-intensive investments towards green infrastructure projects.

‘‘The Alliance would like to see a shift away from coal towards renewable energy sources such as wind, solar, and hydropower. Within the next five years, the Alliance will reach its full potential as an operational organisation. In the years to come, this will increase investment in environment-friendly infrastructure,’’ she said.

The SDPI and PCI have teamed up for the establishment of the alliance with members from both countries' governments, investors, and developers, as well as civil society, in order to support, accelerate, and promote this transition.

The alliance will directly contribute to the achievement of climate targets and improve environmental outcomes while encouraging economic growth along the CPEC.

It will also assist in examining the green finance arrangements for the CPEC energy projects in light of Pakistan's promise to shift to 60 percent renewable energy by 2030.

It has been decided to advocate the need to green the CPEC through social media campaigns and close engagements with the Embassy of People’s Republic of China in Pakistan, CPEC Authority, Chinese enterprises working on the CPEC projects, Ministry of Planning, Development & Special Initiatives, Ministry of Energy, Ministry of Climate Change, as well as competent ministries and institutions in China.

According to the SMARTer2030 report produced by the Global Enabling Sustainability Initiative (GeSI), information and communication technology (ICT) has the potential to enable 20 percent decrease in global carbon emissions by 2030 – 10 times the ICT industry's own footprint.

Credits: INP-WealthPk