By Samia Khalid ISLAMABAD, Jan. 20 (INP-WealthPK): Pakistan ranked 142nd out of 180 countries worldwide and 4th in the South Asian region in terms of the Environmental Performance Index (EPI) 2020, indicating that the country was on a sustainable growth trajectory, according to a report prepared by the researchers at Yale University and Columbia University, reports WealthPK. EPI is a mechanism for measuring and numerically indicating how well government policies perform in terms of the environment. This index evolved from the Pilot EPI, which was initially released in 2002, and was created to support the United Nations Millennium Development Goals. The 2020 EPI presents an overview of the global level of sustainability by rating 180 countries on environmental health and ecosystem vitality based on 32 performance indicators across 11 issue areas. These metrics show how close countries are to adopting environmental policy goals on a national basis. The EPI provides a scorecard that highlights environmental leaders and laggards, as well as practical assistance for countries shifting to a more sustainable future. The 142nd ranking worldwide in 2020 earned Pakistan the score of 33.1, which demonstrated that it had put in place long-term policies and programmes to safeguard public health, preserve natural resources, and reduce greenhouse gas emissions. The report also reveals that efforts by Pakistan to decarbonise its power sector have yielded good results in addressing climate change, accompanied by benefits for ecosystems and human health. The EPI praises Pakistan’s improvement in rating, but notes that the country still has some concerns to address, according to WealthPK. Given Pakistan's susceptibility to climate change and the capital-intensive transition to a low-carbon economy, the country's financial needs remain considerable. To fulfil the commitments, the government plans to improve access to international climate funds as well as use the tools for realising the ambition set out in the Article 6 of the Paris Agreement. The Clean and Green Pakistan initiative of the government, under which plantation of 10 billion trees has been targeted, was founded on the success of the Billion Tree Tsunami project (2014-18) carried out in Khyber Pakhtunkhwa province, and on the idea that nature-based solutions not only help conserve and sustain the environment but also promote a green economy. Pakistan also encourages the private sector to play a role in realising the climate goals across all sectors, as well as in the development of nature-based solutions that enhance the country's mitigation and adaptation capabilities. Pakistan has also announced the Prime Minister’s Green Stimulus Initiative centred on two goals: environmental preservation and green job creation. The package focuses on tree plantation, expansion and revitalisation of protected areas, and improved urban sanitation. Furthermore, green/blue bonds, carbon pricing instruments, and other market and non-market initiatives are being developed to help the country diversify its financing sources. The government has also recently launched the first institutional National Parks Service with the goal of creating 5,000 natural employment opportunities for young people who would be educated to be natural guardians and custodians. The initiative focuses on hiring the services of youngsters willing to protect natural environment to train them to work as green workers in the national parks. Afterwards, all these youngsters would help the government materialise the plans to preserve and promote green areas. The programme has a double benefit as it will not only help generate employment, but will also help protect the environment. The country also plans to launch an ingeniously constructed ‘Debt for Nature’ swap programme with a $1 billion fundraising objective. This is contingent on a renegotiation of Pakistan's increasing debt with countries that support the green resurgence of the global economy. There are significant indicators that global support for this directional change is rising as Pakistan was recently selected to trial an impact-based nature bond that links loan repayment to verifiable biodiversity preservation performance. Pakistan has also taken the lead by initiating a first-of-its-kind ‘Natural Capital Valuation’ to assess the actual worth of the natural asset it is maintaining and preserving. This is not just for the country but also for a world threatened by climate change and biodiversity loss. Pakistan has carved itself a path to greener economy by starting to invest in a variety of nature-based financial instruments. Today’s world is faced with a dilemma that the quest for economic success through industrialisation and urbanisation has frequently resulted in increased pollution and other threats to ecosystem’s health. However, Pakistan can take some solace in the fact that it has at least taken some steps that reflect on its seriousness to effectively respond to the calls for a greener world to see through the twenty-first century without any major catastrophe.