Governor State Bank of Pakistan (SBP) Dr. Reza Baqir claimed during a webinar, various commercial banks have extended financing of around Rs 36 billion for 521 projects producing approximately 850 MW electricity under the Financing Scheme for Renewable Energy.
According to The News reports, Dr. Baqir stated that Pakistan faces challenges as a result of climate change, and adopting prevention strategies is of paramount importance. In this regard, he pointed out that the SBP has issued Financing Scheme for Renewable Energy with a view to promoting renewable energy projects.
He went on to add that mobilization of financial resources towards resource-efficient and sustainable avenues would play a central role in mitigating climate change. Pakistan is a member of the Global Sustainable Banking Network (SBN) since 2015 and green/sustainable finance policies are being aligned with global environmental and social standards and best practices.
The webinar was attended by various chambers, media organizations, Presidents and CEOs of banks, energy experts, representatives of the Pakistan Business Council, and senior officials from SBP.