ISLAMABAD: Speaking at the Pakistan Business Council (PBC) Dialogue on Economy, Viceperson and English Biscuit Manufacturer (EBM) CEO Dr. Zeelaf Munir stressed the urgency of mitigating the pressing climate crisis, and warned of the impact climate change would have on stressing supply chains across the agricultural sector in Pakistan.
The Dialogue on Economy, held from 28-29 January in Islamabad, was attended by key government, policy, diplomatic and multilateral decision makers. The public and private sector was brought together to discuss pressing economic challenges facing the country, and the role of sustainability and business resilience in mitigating the impact of the climate crisis.
Speaking at the panel Climate Change: Challenges & Opportunities for the Private Sector, Dr. Zeelaf underscored the imperative for climate action, stating “the climate crisis is knocking at our door with devastating floods and persistent droughts. With 90% of our core ingredients sourced from nature, climate disruptions impact supply chains, product pricing, employee and consumer well-being.”
Chairperson of the Senate Standing Committee on Climate Change, Sherry Rehman, identified structural impediments, such as the absence of a stable regulatory ecosystem and consistent electricity pricing, which hinder businesses from incorporating sustainable practices.
Senator Rehman called for PBC to lead the creation of a knowledge and certification portal to establish green benchmarks and encourage circularity in business operations. She suggested that sustainability must be woven into brand messaging and that the companies should consider including climate action messaging as part of their ad spending.
Furthering the conversation, Dr. Zeelaf called for more than surface-level reforms and urged that governments should incentivise responsible business practices through tax credits and policy support. She also advocated for strengthening industry-academia partnerships and spurring innovation, redefining waste-management infrastructure, and promoting a cyclical economy across all forums.
The panel recommended for climate actions taken by responsible corporations to be incentivised by the government. While the private sector is rapidly moving towards renewable energy sources, it acknowledged the challenge that the private sector faces in addressing indirect (Scope 3) greenhouse gas emissions in the supply chain. Additionally, SMEs need additional support to decarbonise and effectively manage climate risks. Key stakeholders should be encouraged to promote efficient transport models for circularity to reduce emissions within the bulk transport sector.
Continued research and development is required to understand climate vulnerabilities within supply chains, and reporting requirements by the SECP necessitate companies to report on climate related risks they face. There is an urgent need for enhanced capacity-building across the private sector, as well as for policy-makers to have access to climate related data and assess risk-factors.
According to the latest research conducted by Centre for Excellence in Responsible Business (CERB) businesses are already aware of the climate risk, but they are just not ready to address the issue. Environmental health issues have a direct impact on productivity, the research identified, adding that air pollution, water scarcity, and other environmental issues have a concerning effect on employees’ wellbeing, raw material and product supply chains, and work efficiency.
