ISLAMABAD: Climate Change Minister Musadik Malik announced on Thursday that a `Green Climate Fund`, being established on the directions of the prime minister to deal with the challenge of climate change, would be unveiled soon.

At a press conference, the minister shed light on key aspects of Pakistan`s climate change policies and clarified the country`s stance on green financing and carbon credits, a statement issued after the presser said.

Under Prime Minister Shehbaz Sharif`s directives, he said, Pakistan has finalised regulations for its Green Climate Fund, which will soon be unveiled, APP reported.

The minister said that at COP29, the PM had invited other countries to invest in green projects in Pakistan, and the country aimed to continue this policy to reducethe impacts of climate change and promote green development.

`A carbon exchange company is being planned in Pakistan, which will provide an essential platform forgreennnance and enhance the global prospects of Pakistan`s success in this domain,` the statement quoted him as saying.

According to the statement, a plan has been developed to establish 250 water treatment plants in Punjab to ensure the provision of clean water. Under the Mehmood Booti carbon credit project, the Ravi Urban and Development Authority (Ruda) will claim carbon credits through methane sequestration, which will be important for environmental protection.

The minister also praised the Sindh government`s mangrove projects, which will generate carbon credits, and further steps were being taken to protect these natural resources for long-term preservation.

Following the impacts of climatechange on the Margalla Hills, the minister announced measures for its protection and restoration, including the launch of a pilot project for carbon trading to safeguard the environment and reduce the effects of climate change.

The minister commended the green initiatives of the Punjab government, which aimed to benefit local communities through environmental protection while providing access to clean water and healthcare services.

The minister also spoke about climate justice, urging industrialised nations to take responsibility for their carbon emissions by purchasing carbon credits from climate-vulnerable countries like Pakistan.

He also criticised the global disparity in climate financing, revealing that 85 per cent of green finance was funnelled to the US, China, and Western nations, while developing countries like Pakistan were pressured to pay additional t axes.