Daily Times

Winston Churchill said that “success consists of going from failure to failure without loss of enthusiasm” and it seems that when it comes to New Year Resolutions, we have taken this formula to heart.

Each year we resolve to do countless good deeds for our country, promise to right many wrongs, and set our sights on the path of achieving numerous new horizons. However, somewhere along the year, we lose direction, let go of our hopes & dreams and abandon the resolutions, we had so passionately made at the beginning of the year. But as per Churchill’s formula for success, at the start of each new year, we enthusiastically come up with new resolutions, taking the failure to achieve previous resolutions as a sign of success. Is the New Year a Reset button where we can conveniently delete all the mistakes, wipe out all the viruses plaguing the system and create a clean canvas to paint a new beginning for ourselves? Well! Unfortunately, No.

Behind all the flowery language and enticing promises made in the New Year resolutions, the truth of the matter remains that at the dawn of 2024, we will still be surrounded by this suffocating smog, Pakistan will still be ranked among the top ten most polluted countries, approximately 40 percent of Pakistan’s population will still be below the poverty line and illiterate, we will still be struggling to survive the never-ending waves of food inflation, climatiflation and fossilflation intensified with increasing electricity, water and gas shortages.

Instead of focusing on making brand new resolutions at the start of each New Year, why don’t we first conduct a self-accountability of how much we have been successful in achieving our previous resolutions?

I don’t mean to paint a bleak picture or spoil anyone’s New Year celebrations but instead of focusing on making brand new resolutions at the start of each New Year, this year why don’t we first conduct a self-accountability of how much we have been successful in achieving our previous resolutions. This way we can continue with the old ones, modify the obsolete or faulty ones, and create new resolutions that may pave the way for a sustainable Pakistan not just for a year but for decades to come.

This New Year one of our resolutions should be to Make Pakistan Truly Green. This can only be achieved through initiating a Just Green Transition across all economic sectors. Whether it is the development of a low-carbon construction industry or the use of climate-smart agricultural practices, the Environmental, Social and Governance (ESG) ideology needs to be ingrained within the core operations of all economic sectors. Research and development efforts, through public-private partnerships, should be targeted towards carbon capture, utilization, and storage (CCUS) projects, fuel cell electric vehicle technology, green material development, and waste-to-energy generation prospects.

The secret to the success of a Just Green Transition lies in the concurrent adoption of environmental and social sustainability principles by all the economic sectors. This synchronized adoption by all industries creates a synergistic effect by magnifying the benefits of environmentally and socially sustainable development. Pakistan’s banking industry has to play a key role in ensuring the fulfilment of this New Year resolution.

A green credit portfolio based on the ESG ideology will ultimately ensure the creation of a Just Green economy. A truly green financing portfolio by the Pakistan banking industry can help us make Pakistan truly Green.

Under the ideology of Green Banking, banks may provide low-interest loans to environmentally & socially sustainable industries and projects. The banking industry can lead all the other industrial sectors towards the path of Net Zero by financing the Just Green Transition of contemporary business models to carbon-neutral and Just business operations.

A Just Transition approach ensures the affected people are considered by those making decisions. The key to ensuring the success of this New Year resolution lies in revitalizing all industrial sectors through Green Banking. The key to success in this regard lies in shifting our mindset. We need to stop seeing the environment as merely a problem to be solved but as an opportunity to create great value in all industries.

The concept of Climate Justice has been much talked about during COP28. Still, the reality is that when we look at the global climate change situation there is no justice in terms of responsibility and consequences. Research indicates that 23 rich industrialized countries are responsible for 50 percent of all historical Greenhouse Gas (GHG) emissions and more than 150 countries are responsible for the rest. The richest one percent of the world population alone is responsible for approximately 15 percent of cumulative GHG emissions.

At the same time, the poorest 50 percent are responsible for just seven percent of cumulative GHG emissions. So, this New Year let us not look outside for climate justice or the elixir to our problems.

Let us become our saviours and make 2024 the year in which the Just Green Revolution starts in Pakistan. This New Year we resolve to fulfil all the resolutions our forefathers made and make all their dreams a reality. Let’s make 2024 the Year of Sustainability.

The writer is working as SVP / Head – ESG at The Bank of Punjab. He can be contacted at aasimalibukhari@gmail.com