COP 28: Sustainability disclosures are pivotal in driving climate action

                                       

At COP28, four leading global bodies have called for concerted action to ensure sustainability reporting can help provide better information for those driving climate action across the business world.

 

They underlined the potential and importance of a global approach to sustainability reporting standards in enabling decision-making, as well to channel more equitable investment.

 

With the introduction of international sustainability standards from the ISSB – coming into effect in 2024 providing a widely supported reporting baseline – global bodies called for a focus on achieving adoption across the world through the development of skills, capacity and the sharing of knowledge.

 

Panellists at Sustainability disclosures driving climate action  representing ACCA (the Association of Chartered Certified Accountants), the International Organization of Securities Commissions (IOSCO), the International Federation of Accountants (IFAC) and the International Sustainability Standards Board (ISSB) highlighted the importance of this approach in meeting the demands of capital markets.

 

The event also heard of the importance of:

·         ensuring sustainability corporate reporting avoids green washing;

·         having maximum harmony between international and national standards; and

·         building capacity so preparers and users of reporting have the skills and the knowledge required.

 

The accountancy profession has a critical role to play in climate action, both to lead long-term value creation within sustainable economies, and to champion responsible practices in the public interest.

 

At the event in the ICC Pavilion in the Blue Zone on Monday 4 December, Helen Brand, Chief Executive, ACCA, said: ‘Consistent and comparable sustainability reporting will drive change and unlock new opportunities not only for businesses, but for the investor community and other stakeholders.

The accountancy profession has a central role in harnessing these new standards to drive positive action to combat climate change, to help create a better, more sustainable world.’

 

Since 2019, IFAC has been working diligently to advocate for international sustainability standards, including calling for the formation of the ISSB. Asmaa Resmouki, President of IFAC, said: ‘On behalf of my colleagues at IFAC, we are delighted to be able to leverage our significant convening power to bring together the most important stakeholders – including especially the global accountancy profession – to help drive demonstrable climate action. 

 

‘We will continue our support of the development, adoption and implementation of the ISSB’s standards by professional accountants globally, and we welcome the role and responsibility that professional accountants have in this endeavour.’  

 

Participation in COP28 is part of a broader effort from the global accountancy profession to engage with the United Nations. IFAC is an official observer organization to the United Nations Framework Convention on Climate Change (UNFCCC). 

Alibaba.com and Sundur Industrial Estate Co-host Seminar to Support Local Businesses in Global Commerce Journey

                                                              

Alibaba.com, a leading platform for global business-to-business (B2B) e-commerce, today co-hosted the Sundur B2B E-commerce Seminar with Sundur Industrial Estate in response to the growing interest in digital commerce among Pakistani businesses. The event enlightened the attendees with insights into the transformative potential of B2B platforms like Alibaba.com in helping micro, small and medium-sized enterprises (MSMEs) embark on their export journey and scale their business.

During the seminar, Alibaba.com experts shed light on the advantages of adopting B2B e-commerce, highlighting its benefits of expanding customer reach and boosting productivity. Participants were also familiarized with Alibaba.com’s Verified Member program, the top membership tier on Alibaba.com that provides qualified suppliers with on-site verification to help them gain global buyers’ trust.

In addition to informative sessions, the seminar also offered hands-on training sessions to equip participants with the necessary skills and insights to kickstart their B2B e-commerce journey.

This collaboration between Alibaba.com and Sundur Industrial Estate to present the seminar underscored the two companies’ shared commitment to supporting the growth of Pakistani businesses in the digital age.

PUNJAB DELEGATION TAKES CENTER STAGE AT COP28 DRIVING SUSTAINABLE SOLUTIONS GLOBALLY

                                                   

A Collaborative delegation of Punjab Central Business District Development Authority (PCBDDA), also known as Central Business District Punjab (CBD Punjab), and the Ravi Urban Development Authority (RUDA), led by CEO CBD Punjab & RUDA, Imran Amin, participated fervently in the 28th annual United Nations Climate Change Conference (COP28). With over 190 countries and more than 150 pavilions showcasing global climate initiatives in adaptation and mitigation, the delegation engaged in pivotal dialogues with global representatives.

CEO CBD Punjab & RUDA, Imran Amin, actively engaged with delegates from diverse nations at their pavilions, focusing discussions on critical climate topics encompassing carbon credits, smart solutions, IoT, green energy, urban sustainability, water conservation, and renewable cityscape solutions.

CBD Punjab and RUDA spotlighted their visionary approach aimed at combating environmental degradation while enhancing environmental quality through multifaceted initiatives. These encompass policy implementations, green development practices, LEED certification, smart city frameworks, tree plantation drives, rainwater harvesting, wastewater treatment, and renewable energy generation. Both entities maintain a sustainability-centric focus, integrating eco-friendly features to curb carbon emissions and advocate for green practices.

Chief Minister Punjab, Syed Mohsin Raza Naqvi, will deliver a keynote address at COP28, on Wednesday, December 6, 2023, highlighting the Province of Punjab's commitment to addressing climate challenges. Additionally, a critical discussion session on the climate finance landscape in the region, will feature esteemed panelists including Zahid Akhter Zaman, Chief Secretary Punjab, Imran Amin CEO CBD Punjab & RUDA, Iftikhar Ali Sahoo, Chairman, Planning and Development Board, Dina Umali, Director of Sustainable Development, World Bank, South Asia Region, Dr. Ibrar Chaudary, Professor Oxford University, and Mr. Ali Tauqeer Sheikh, Climate Change Specialist.

Over 123 countries including Pakistan signed a 'COP28 UAE Declaration on Climate and Health' to accelerate actions for safeguarding public health from escalating climate impacts. The active involvement of the Government of Punjab delegations at COP28 signifies the region's unwavering commitment to fostering sustainable solutions and global collaboration in the ongoing battle against climate change, setting a precedent for proactive environmental stewardship and international cooperation.

Google Celebrates Success of App Growth Lab Program, Reinforces Commitment to Empower Pakistan's App and Gaming Industry

     

Last week at Google’s Apps Growth Lab Graduation event, Google celebrated 94 Pakistani game and app development studios graduating from the second edition of Google's App Growth Lab program. Expanding their impact beyond mobile game developers, for the first time in 2023, this initiative included app developer studios and companies eager to accelerate their growth with Google. The total number of studios participating this year was 254, up from 54 last year, showcasing the program's augmented impact on Pakistan's app and gaming ecosystem.

The program, which took place from June to September 2023, comprised two pivotal phases: an educational phase followed by an extensive support phase. Building on the success of last year, this edition of the program saw significant enhancements to deliver a more tailored learning experience. Customized training sessions addressed the unique needs of gaming and app developer clients at different stages of their business journeys. 

Throughout the program, participating studios had the exclusive opportunity to learn from Google experts across various domains, including Google Ads, AdMob, and Play. Immersive educational workshops and mentoring sessions provided valuable insights, while industry leaders and peers from across the globe shared their expertise on navigating the path from app development to launching apps, and scaling their app business to reach a global audience

Farhan Qureshi, Google Regional Director for Pakistan, Bangladesh and Sri Lanka, while addressing the attendees, said, “The rise of Pakistan’s app economy is a story of inspiration for the world. Apps developed in Pakistan were downloaded 4 billion times globally in 2022. Also, in 2022, 65 apps from Pakistani developers reached the top 10 charts in Gaming and Apps verticals on Play Store and App Store. 

Pakistani developers, who took the 27th position in terms of global downloads back in 2018, today form the 16th largest developer market by downloads, making Pakistan the fastest growing developer market in the world.”

 

Ehtisham Malik, Head of Marketing at MicZon who joined the Growth Lab program in 2022, also shared, “The Growth Lab program is an important initiative that will take Pakistan’s gaming industry to the next level."

 

"All the information we learned at Growth Lab has been very helpful and relevant to our business. Thank you Google Gaming Growth Lab Pakistan for helping Pakistani developers and publishers!" he added.

 

Shoaib Ali, CEO of Al Basirr Technologies Private Limited, a 2023 Apps Growth Lab participant, also said, “The impact of the training and support received from Google Apps Growth Lab is reflected in the record growth we have made in the last couple of months. The growth achieved in this short span surpasses what we were able to accomplish in the past six years. For this, we are extremely thankful to the entire Google Apps Growth Lab team for their firm commitment to our success.”

Graduates of Apps Growth Lab can extend their partnership with Google by applying for the Google App Acceleration Program (GAAP), where they can continue to receive support from Google specialists. Various former GAAP participants are now priority Google partners.

Dareechay Films Unveils the Trailer for the Highly-Anticipated Crime Thriller "Chikkar"

                                                                  

Usman Mukhtar and Ushna Shah Take Center Stage in a Film Directorial Debut by Zaheer Uddin

Dareechay Films is ready to captivate Pakistani audiences with the release of the long-awaited theatrical trailer for "Chikkar." Scheduled to hit screens nationwide on December 22, 2023, this crime thriller marks the directorial debut of Zaheer Uddin.

Zaheer has earned recognition for his unique approach, infusing insightful storytelling into numerous well-known TV commercials. He not only produced these commercials but also played a pivotal role in conceptualizing and scripting the majority of them.

Speaking on the trailer launch, Writer and Director Zaheer revealed that "Chikkar" delves into the harsh realities of our society-issues everyone witnesses but often chooses to ignore. 

He further added, “It's a cinematic journey that explores the complexities in our country, promising a unique blend of suspense, drama, and realism.”

The theatrical trailer promises a film with a distinct style, incorporating seriousness, creativity, engaging situations, sensitive topics, and realistic scenery. Set in a small town in Punjab, this Dareechay Films production guarantees a gripping crime suspense experience.

"Chikkar," a social diary unfolding over 8 days, features stellar performances by Usman Mukhtar, Ushna Shah, Faryal Mehmood, Nausheen Shah, Saleem Mairaj, Ali Sheikh, Adnan Shah Tipu, and other seasoned TV and theatre actors. 

47% of Asia Pac businesses have no emissions plan in place despite the climate emergency, reveals new report from ACCA, IFAC and PwC

  

As world leaders gather for COP 28, ACCA (the Association of Chartered Accountants), IFAC (the International Federation of Accountants) and professional services firm PwC released a new report: The  role of the CFO and finance function in the climate transition: driving value and sustainability, based on a survey of 1,000 senior finance professionals around the world.

 

The research reveals 47% of respondents in the Asia Pacific region have yet to produce a plan for reducing their carbon emissions. Alarmingly, 69% of those respondents without an emissions plan say they currently have no intention of developing one. This compares with global figures of 46% of respondents who have yet to prepare an emissions plan and 70% of those say they currently have no intention of developing one.

 

The report also says that that involving CFOs and finance teams in the emissions reduction planning is likely to accelerate progress. They should embrace this because, although they may not always be the ‘owner’ of the sustainability agenda, CFOs can embed climate transition priorities into business planning and resource allocation, and enable high-quality sustainability reporting internally and externally.

 

The research recommends that finance teams need to develop the right skills and expertise to continue increasing their contribution to a climate transition. For CFOs, balancing the short-term operational priorities of the finance team whilst simultaneously upskilling and equipping the team to support the wider organisation’s net zero initiatives longer term must now be a critical imperative.

 

Helen Brand, chief executive of ACCA said: ‘The accountancy and finance profession can enable organisations to achieve their net-zero ambitions in a fair and inclusive way. They can also support the just transition to a low-carbon economy by helping their organisations to seize the associated business benefits. As COP28 begins, this report is a call to action for professional accountants everywhere to play their part in helping their organisations to reduce their carbon emissions and support the climate transition.’

 

Asmaa Resmouki, president of IFAC, commented: ‘The expertise of accounting and finance professionals in combatting climate change is absolutely essential if we are to make the progress the planet so desperately needs.’

 

‘This report corroborates IFAC’s prior research into corporate disclosures on emissions targets and transition plans for achieving them. Companies need to improve the decision-usefulness of their transition plans and how they communicate them to stakeholders.’

 

David Russell, finance transformation leader, PwC, added: ‘This report highlights a critical gap where some businesses lack a clear roadmap to meet their emissions targets and the ability to measure and report progress against their goals. It’s imperative for finance leaders not just to drive the change towards sustainability but also to build trust in the reporting of progress towards sustainability goals. CFOs can play a pivotal role in integrating environmental considerations into strategy, planning and reporting – ensuring that businesses not only contribute positively to the climate agenda but also adapt and thrive in a rapidly changing economic landscape.’

Chief Minister Punjab Inaugurates CBD Punjab's Lahore Prime’s, Signaling Punjab's Progress

                                           

Punjab Central Business District Development Authority, also recognized as Central Business District Punjab (CBD Punjab), has successfully completed the infrastructure in Lahore Prime CBD Punjab Quaid District, in accordance with its commitment to investors. The inauguration of this monumental project was officiated by the esteemed Chief Minister Punjab, Syed Mohsin Raza Naqvi.

The Inaugural ceremony was attended by Ministers and Cabinet members of Punjab Government, CEO CBD Punjab Imran Amin, COO CBD Punjab Brigadier (R) Mansoor Janjua, Commissioner Lahore, Deputy Commissioner, Lahore, Directorate Heads of CBD Punjab, senior officials of local government and CBD Punjab.

Completed within the estimated cost of Rs 332 million as per the approved PC1, this milestone underscores a significant achievement for the development of Punjab. The comprehensive infrastructure encompasses road networks, sewage and drainage systems, electricity, water and gas supply, street lighting, ICT integration, robust security measures, and visually appealing landscaping, all constructed to the highest standards.

While addressing the inaugural ceremony Chief Minister Punjab Mohsin Naqvi said, “The fulfillment of CBD Punjab promise to investors marks a momentous milestone in Punjab's development journey. I congratulate the administration of CBD Punjab for their dedication and successful completion of the Lahore Prime CBD Punjab Quaid District infrastructure."Further talking about establishing CBD's other than  Lahore Chief Minister Punjab, emphasized to start work on CBD  Rawalpindi.

Chief Minister Punjab also visited  other projects of CBD Punjab.CEO CBD Punjab, Imran Amin gave detailed briefing about the projects.

While expressing his views, CEO CBD Punjab, Imran Amin, stated, "Lahore Prime sets the stage for Punjab's growth and progress. Engaging our investors is pivotal in transforming this area into a nexus of innovation and advancement.” He further added that the project's success owes much to the unwavering support of the Punjab Cabinet and the invaluable guidance of the honorable Chief Minister, without which this endeavor wouldn't have been possible.

The completion of Lahore Prime's infrastructure signifies not just construction but the laying of the groundwork for a prosperous and vibrant Punjab. CBD Punjab vision is to adorn Lahore Prime with skyscrapers and architectural marvels, elevating the skyline and creating an environment that reflects modernity and advancement.