State Bank offers Rs36bn for renewable energy adoption

The Governor State Bank of Pakistan Dr Reza Baqir said on Tuesday that the central bank has been providing financing on a large scale to promote renewable energy that helped Unilever Pakistan run its 30 percent plants on renewable energy, central bank.

While talking in a joint webinar hosted by the SBP and Unilever Pakistan to create awareness about the former’s Financing Scheme for Renewable Energy (FSRE), Dr Baqir said that as of February 2021, financing of around Rs36 billion has been extended for 521 projects producing approximately 850MW.

Financing for sustainable development is the need of the hour and financial institutions have a crucial role in this area, he added.

FSRE aims to encourage investments for clean energy in Pakistan, the SBP governor said, adding that this is part of the country’s efforts to diversify the energy mix and reduce climate change impact.