Page 38 - CMA Journal (May-June 2025)

Focus Section

2. Financial Sector Development • Create green logistics and supply chain
networks
• Create dedicated green banks for sustainability
financing • Develop digital infrastructure for environmental
monitoring
• Develop green bond markets with a regulatory
framework Conclusion
• Establish venture capital funds for cleantech Pakistani businesses face complex and interconnected
startups
sustainability challenges, including energy shortages,
• Provide subsidized lending rates for renewable weak infrastructure, regulatory inefficiencies, financial
energy projects constraints, and limited technical capacity. These issues
• Create guarantee schemes for small business are further compounded by governance shortcomings,
sustainability investments corruption, and low consumer awareness, all of which
hinder the adoption of sustainable practices.
• Attract international climate finance through
improved institutional capacity Overcoming these barriers requires coordinated action
from government, industry, and civil society. Key
• Develop blended finance mechanisms for
large-scale projects priorities include policy reforms, financial sector
development, capacity building, and infrastructure
• Support microfinance institutions to offer green investment. With sustained commitment and
lending products international collaboration, Pakistan can transition
3. Capacity Building Initiatives toward sustainable business models. Early adopters
stand to gain a competitive edge, and ongoing research,
• Establish centers of excellence for clean monitoring, and evaluation will be essential for
technology research long-term success.
• Develop university programs in sustainability References
management
• Elkington J (1997) Cannibals with Forks The Triple Bottom Line of 21st
• Create professional certification programs in Century Business Capstone Publishing Oxford
environmental management • Khan MZ Ahmad N (2019) Environmental Management Practices in
• Support technology transfer partnerships with Pakistani Manufacturing Sector Journal of Environmental
Management 45(3) 123-145
developed countries
• Malik S Hassan A Rahman K (2020) Barriers to Renewable Energy
• Establish business incubators for sustainable Adoption in Pakistan Energy Policy 78 234-248
technology startups • Porter ME Kramer MR (2011) Creating Shared Value Harvard Business
• Develop extension services for small business Review 89(1) 62-77
sustainability support • Shah R Raza A (2018) Corporate Social Responsibility Practices in
Pakistan Business Ethics Quarterly 28(2) 189-206
• Create awareness campaigns for sustainable
• World Bank (2023) Pakistan Development Update Climate Change
consumption patterns and Development Challenges World Bank Group Islamabad
• Support civil society organizations working on • Pakistan Bureau of Statistics (2023) Economic Survey of Pakistan
environmental issues Government of Pakistan Islamabad
• Ministry of Climate Change (2022) National Climate Change Policy
4. Infrastructure Development Implementation Framework Government of Pakistan Islamabad
• Invest in renewable energy generation and grid • State Bank of Pakistan (2023) Green Banking Guidelines State Bank of
modernization Pakistan Karachi
• Planning Commission of Pakistan (2023) Vision 2025 Sustainable
• Develop efficient public transportation systems Development Goals Framework Government of Pakistan Islamabad
• Create industrial parks with shared About the Author: Mr. Ali Raza Sattar is an Associate Member of
environmental infrastructure ICMA Pakistan, a Fellow Member of ACCA (UK), and a member of
PIPFA and the Accountants & Auditors Association (UAE). He has
• Improve waste management and recycling over 15 years of experience in accounting, auditing, taxation, and
facilities finance education across the UAE and beyond. He holds an MSc in
Applied Accounting from Oxford Brookes University and a Master’s
• Develop water treatment and conservation
in Banking and Finance. As a registered ACCA mentor since 2011, he
infrastructure has guided hundreds of students in completing the Oxford Brookes
• Establish technology parks for clean technology Research and Analysis Project. He was recently honored with ACCA’s
“Tutor Excellence Award 2025.”
industries

36 ICMA’s Chartered Management Accountant, May-June 2025