LAHORE: (Thursday, December 8, 2022): Punjab Higher Education Commission Chairman Prof Dr Shahid Munir has said that the developed countries are source of devastating climate changes which is affecting the developing countries. He was addressing the inaugural session of the two-day 7th International Conference on Banking, Insurance and Risk Management organized by Punjab University Hailey College of Banking and Finance. On this occasion, Principal Hailey College of Banking and Finance Prof Dr Mubbasher Munawar Khan, Director Institute of Business Administration Prof Dr Muqaddas Rehman, Dr Abdul Ghafoor, Dr Khurram, faculty members, researchers, academicians and a large number of students were present. In his address, Dr Shahid Munir said that many such industries had been set up in India, which were releasing such chemicals that were affecting not only the climate of India but also the climate of Pakistan. He said that due to actions of the neighboring country, glaciers were melting in Pakistan, floods have caused destruction and the temperature was increasing. He said that the laws related to burning fields and trees and zigzag technology should be strictly implemented to reduce the climatic effects in Pakistan. He said that in the future, environment friendly businesses should be encouraged. He said that in the universities of the modern world, research was being done rapidly on ways to make sea water suitable for farming and drinking, if Pakistani universities do not work on artificial intelligence, industrial robotics, animation and data sciences, the country would not develop. He said that Ukraine and Russia provided large quantities of wheat and oil to the world, while the ongoing war between the two had damaged the economy worldwide. He said that educational institutions should provide their students with modern curriculum and environment friendly business training. Dr Mubbasher Munawar Khan said that the aim of the conference was to provide awareness about current climate challenges and sustainable business practices. He said that as a result of climate change, floods have caused a lot of human and financial loss to the country. He said that all the stakeholders have to work together for the stability of the economy in Pakistan. He said that to protect the next generations, natural resources have to be used properly and steps have to be taken to deal with natural disasters. He said that a large number of researchers were participating in the two-day international conference in which more than 170 research papers would be presented. He said that the conference would not only be of interest to individuals but it would also benefit the policymakers. He said that research should be promoted in educational institutions to develop business in Pakistan. Dr Muqaddas Rehman said that many countries including Pakistan had suffered due to the effects of climate change. She said that academicians identify the problems and also offer their solutions. Dr Abdul Ghafoor said that not knowing things was not a bad thing, but not trying to know was a bad thing. The participants should learn from this conference and make practical efforts, he added. Dr Khuram said that climate change not only caused economic damage to Pakistan, but the closure of educational institutions due to smog also affected children's education. The conference will continue on Friday (today) as well.