(L-R) Horacio (Luis) Carvalho, CEO of Climate Change Ventures, and Faraz Khan, MBE, at London Climate Action Week. Carvalho's firm advises on carbon mitigation and green investment projects. They signed an MOU to develop markets with Brazilian CPR Verde (green rural product certificate), a Brazilian financial credit instrument used to fund environmental preservation, forestry conservation, and carbon sequestration. The markets they are eyeing will be Saudi Arabia, Africa and Pakistan. Credit: Faraz Khan

By Zofeen Ebrahim
LONDON & KARACHI, Pakistan, Jun 26 2026 (IPS)

The 30 COP gatherings may not have done what three months of US-Israeli war against Iran did: expose the world’s vulnerability to fossil fuels.

As the world faced its biggest energy shock in a decade, the case for investing in clean energy suddenly became far more compelling.

As an intense heatwave grips Europe, with London’s Met Office issuing a “risk to life” warning and the closure of shops, offices and schools alongside disruptions to transport during the London Climate Action Week (LCAW), calls for this shift are gaining even greater momentum.

New Sense of Urgency

“The sentiment is palpable among policymakers, investors and business leaders,” conceded Faraz Khan, MBE.

A Pakistani entrepreneur and co-founder and partner of Pakistan-based Sustainadility, a technology, data and advisory firm, with over 25 years of experience in multi-stakeholder investments and in drafting environmental, sustainability and governance frameworks, is among those gathered to discuss the future of climate finance and the energy transition.

Speaking to IPS by phone on the sidelines of LCAW which closes on June 28, Khan stressed the urgency of transitioning from fossil fuels to renewable energy, saying the shift would not be possible without investors and businesses.

Khan described the mood at LCAW, as “optimistic” tempered by caution. He also welcomed the attention Pakistan was getting. “Our country was lauded for its efforts in brokering the peace deal,” referring to the Islamabad Memorandum between the United States and the Islamic Republic of Iran.

From Rule-Making to Seeking Investment

Comparing the two events, he said the annual Bonn climate talks, held from June 8 to 18, focused on diplomatic negotiations and climate rule-making, while LCAW, also an annual event held since 2019, centres on mobilising private investment in sustainability and ESG and scaling these initiatives commercially.

“LCAW is more business- and private sector-orientated,” said Khan, who is also the founder and director of  SeedVentures, a Pakistan-based social impact organisation and impact investor.

Still, he said: “There are two sides to the coin. On the one hand, the US-Iran peace deal and the reopening of the Strait of Hormuz have shown the world that oil remains crucial for the world to exist; but, on the other, many countries recognise that dependence on fossil fuels is not in their national interest and even poses a national security risk.”

Geopolitical conflicts have exposed the vulnerabilities associated with oil production, trade and transportation, which is why investment in alternative energy is expected to accelerate.

At a COP31 presidential meeting with the private sector at LCAW, which Khan attended, the conversation revolved around the circular economy, electrification and climate finance with some of the biggest names in the global climate community, including BlackRock, the World Bank, UNIDO, the IFC and several trade organisations.

“It was a gathering of the who’s who of the climate world,” Khan said with a laugh. “Even we made the cut.”

What was missing, however, Khan said, were women in decision-making roles. He was, however, impressed by those in the Turkish COP team, praising their intellectual rigour and commanding presence in the room, which he found to be “truly impressive”.

Beyond the composition of the meetings, Khan said the discussions themselves reflected a growing determination to move beyond rhetoric.

There was a strong sense in the room that a new precedent was about to be set by shifting the focus from negotiations to implementation, investment and action.

“Governments can create an enabling environment and UN frameworks can provide the rules, but ultimately it is investors, bankable projects and big businesses that will drive change,” he said.

While the Bonn climate talks focused on regulatory frameworks, LCAW’s focus is on climate finance and transactions, he noted. “And at Antalya, where the COP31 will be held this November, it will be about putting money where our mouths are—deploying capital into bankable projects and creating collaborative investment vehicles to scale climate action,” said Khan.

Private Sector Takes Centre Stage

He also observed that China was frequently cited as a global leader in clean energy investment.

“Across the various meetings, I sensed a strong and growing appetite for investment in renewable energy, and I believe this momentum will only accelerate,” he said.

Large businesses and institutions, he added, would be critical to delivering a just transition because their extensive operations and community links give them the reach needed to drive meaningful change.

The emphasis on electrification and reducing dependence on fossil fuels was echoed by Türkiye’s COP31 leadership.

Earlier this month, speaking to The Guardian on the sidelines of the climate talks in Bonn, Murat Kurum, Türkiye’s environment minister, said the 35% target would be “one of the defining priorities” of the COP31 presidency.

“By electrifying daily life, from transport to buildings and industry, we can protect families and businesses from volatile energy markets,” he told the media outlet.

Khan believed Pakistan has an opportunity to position itself at the forefront of this transition.

While Pakistan is frequently showcased as a victim of climate disasters, despite contributing less than 1% of global greenhouse gas emissions, Khan said the global focus on solar should also shine a light on the country’s “silent solar revolution”, which has transformed its investment landscape.

“Pakistan has become a global example of how solar adoption can evolve rapidly, opening up substantial investment opportunities in solar manufacturing and battery production,” he said, adding that modernising the grid and scaling up utility-scale energy storage have become increasingly urgent.

Investing in Nature

Beyond renewable energy, Khan saw significant opportunities in nature-based investments.

Khan said Pakistan’s rich biodiversity—from mangroves and forests to wetlands, rangelands and mountain ecosystems—offers enormous investment potential, with private capital capable of both restoring and protecting these natural assets.

Agriculture accounts for a large share of Pakistan’s economy and is a major driver of biodiversity loss. He said private businesses could invest in regenerative agriculture, agroforestry and sustainable rice and cotton production, either to meet sustainability goals or as part of emerging biodiversity credit markets.

“Just as there are carbon credits, there are biodiversity credits, and these are directly linked to food security and agriculture,” Khan said. Given agriculture’s central role in Pakistan’s economy, he argued that the country holds enormous potential for biodiversity credits. “I think this is going to be truly phenomenal because it presents enormous investment opportunities,” he said.

But realising this potential will depend on Pakistan’s ability to attract sustained private investment.

Investment Challenges

Sadly, there are few takers.

Khan said Pakistan’s high sovereign risk remains the biggest obstacle to attracting international climate investment at scale, although recent policy reforms, including the Pakistan Green Taxonomy, green banking guidelines and ESG standards, have improved investor confidence.

He also pointed to a shortage of bankable projects, with many failing to attract global investors despite their strong fundamentals. Still, he said, the investment potential remains enormous.

Yet time may be of the essence.

If the recent turmoil in the Middle East exposed the world’s vulnerability to fossil fuels, Khan believes it also underscored the urgency of accelerating the clean energy transition. For Pakistan, he said, the opportunity is immense—but only if the country can create the conditions needed to attract the investment required to realise it.

IPS UN Bureau Report

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The OIC Group at an Aug. 12 press briefing to present their joint statement on recent developments in the Gaza Strip, following an OIC Group emergency meeting on Aug. 11 after Israel announced its plan to take complete military control of the Gaza Strip. Credit: Naomi Myint Breuer/IPS

By Naomi Myint Breuer
UNITED NATIONS, Aug 15 2025 (IPS)

The world is becoming increasingly outraged at Israel for its actions in the ongoing war against Hamas, particularly amid the recent killings of Palestinian journalists and Israel’s announcement of its plan to seize complete military control of the Gaza Strip.

The plan, which the Israeli Security Cabinet approved on August 8, includes disarming Hamas, returning all hostages, demilitarizing the Gaza Strip, implementing Israeli control of the Gaza Strip and establishing “an alternative civil administration that is neither Hamas nor the Palestinian Authority,” according to Israeli Prime Minister Benjamin Netanyahu’s posts on X.

“The [Israel Defence Forces (IDF)] will prepare for taking control of Gaza City while distributing humanitarian assistance to the civilian population outside the combat zones,” Netanyahu posted on X.

The Organization of Islamic Cooperation to the United Nations (OIC Group) released a joint statement condemning and rejecting the plan on August 12. The statement was released following an OIC Group emergency meeting on August 11.

“We consider this announcement a dangerous and unacceptable escalation, a flagrant violation of international law, and an attempt to entrench the illegal occupation and impose a fait accompli by force, in contravention of international law, international humanitarian law and relevant United Nations resolutions,” the statement said.

The Group demanded an immediate and complete end to Israel’s violence against the Gaza Strip and an end to the damages to civilians and civilian infrastructure. They also demanded that Israel permit humanitarian assistance to enter and work in the Gaza Strip at scale.

“The group reaffirms that this declared course of action by Israel constitutes a continuation of its grave violations, including killing and starvation, attempts at forced displacement, and annexation of Palestinian land, the settler terrorism, which are crimes that may amount to crimes against humanity,” the statement said.

In a statement on August 8, United Nations (UN) Human Rights Chief Volker Türk demanded the “immediate halt” of the plan. The plan, he said, conflicts with the International Court of Justice’s (ICJ) ruling that Israel must end its occupation and agree to a two-State solution and that Palestinians have the right to self-determination.

“Instead of intensifying this war, the Israeli Government should put all its efforts into saving the lives of Gaza’s civilians by allowing the full, unfettered flow of humanitarian aid,” he said.

Another major topic of discussion is the Aug. 10 targeted killing of six journalists, including four Al-Jazeera journalists, in Gaza City, which increased discussion about Israel’s human rights violations. The Palestinian Journalists Syndicate (PJS) reported that 238 journalists have been killed since the war began.

“The deliberate targeting of journalists by Israel in the Gaza Strip reveals how these crimes are beyond imagination, amid the inability of the int’l community & its laws to stop this tragedy,” Qatari Prime Minister and Minister of Foreign Affairs Mohammed bin Abdulrahman bin Jassim bin Jaber Al Thani posted on X. “May God have mercy on journalists Anas Al-Sharif, Mohammed Qraiqea, & their colleagues.”

UN Secretary-General António Guterres called for an independent and impartial investigation into the killing.

“Journalists and media workers must be respected, they must be protected, and they must be allowed to carry out their work freely, free from fear and free from harassment,” Stéphane Dujarric, spokesperson for the Secretary-General, said on August 11.

The OIC Group will be hosting a special meeting to discuss next steps following this tragedy, according to Deputy Permanent Representative of Türkiye to the UN Fikriye Asli Güven. Asim Iftikhar Ahmad, Permanent Representative of Pakistan to the UN, said the OIC Group is also pressuring the Security Council to take action.

“This is a deliberate policy to silence the journalists, but we were all aware that the truth cannot be silenced,” Güven said.

Amid the developments in Gaza, Dr. Riyad Mansour, Permanent Observer of the State of Palestine, said the OIC Group and the Security Council are observing a more unified front developing against Israel.

“There is a merging cohesion and unity and outrage of what is really happening, and they are exerting tremendous amounts of pressure in order to stop the killing, stop the military operations to have a permanent ceasefire, to force allowing humanitarian assistance to take place,” Mansour said.

This shift is also visible in the positions an increasing number of countries criticizing Israel’s plans.

The foreign ministers of Australia, Austria, Canada, France, Germany, Italy, New Zealand, Norway, and the United Kingdom, as well as the High Representative of the European Union, released a joint statement on August 9 rejecting the Israeli plan for Gaza.

“The plans that the Government of Israel has announced risk violating international humanitarian law,” the statement said. “Any attempts at annexation or of settlement extension violate international law.”

The ministers urged for an end to the “terrible conflict” and for Israel to change its registration system of humanitarian organizations to allow humanitarian workers into the region.

“Their exclusion would be an egregious signal,” the statement said.

The ministers also asserted their support for a two-state solution.

Mansour praised the recent actions of European countries to pressure Israel, such as Spain’s reduction of arms sales to Israel and Germany’s arms export ban to Israel, which he called a “modest but it’s a very important step.”

He also praised Norway’s withdrawal of assets in Israel, Colombia’s withdrawal of coal trade, and Australia’s recognition of the state of Palestine. He calls these steps “practical” and a fast way to pressure Israel.

The OIC Group called upon the international community, especially the permanent members of the Security Council, to stop Israel’s policies undermining peace and violating international and international humanitarian law.

They also pushed for a two-State solution and the implementation of the Arab-Islamic reconstruction plan of the Gaza strip, a plan led by Egypt to rebuild Gaza, and participation in the upcoming reconstruction conference in Cairo.

“We affirm that a just and lasting peace can only be achieved through the implementation of the two-State solution,” the Group’s statement said.

For Mansour, a united global front will be crucial to accelerating the pace at which countries decide to take action against Israel.

“There is nothing that we can do about those who are killed, but we can do a lot about saving the lives of those who are still alive, and it is our responsibility to do everything possible in order to save their lives,” he said.

By September, Mansour said he hopes to have 100 more counties sign the New York Declaration on the Peaceful Settlement of the Question of Palestine and the Implementation of the Two-State solution, which was created by France and Saudi Arabia at the High-Level International Conference for the Peaceful Settlement of the Question of Palestine and the Implementation of the Two-State Solution in July. The conference will resume on September 22, according to Mansour. He said the New York Declaration must become the “blueprint” and “global consensus.”

“It is not the destiny of the Palestinian people to have an eternal conflict with Israel and to keep losing thousands of our children and women and our people at the hand of this war machine by Israel,” Mansour said. “It is our duty to convince everyone that there is another alternative, the alternative of immediate ceasefire.”

IPS UN Bureau Report

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