Wednesday, April 24, 2024

SBP Grants RS. 36 Billion for 521 Solar Projects

In a webinar, Governor State Bank of Pakistan (SBP) Dr. Reza Baqir said that various commercial banks have extended financing of about Rs. 36 billion for 521 projects generating approximately 850 MW of electricity under the Financing Scheme for Renewable Energy.

According to Dr. Baqir, Pakistan faces challenges as a result of climate change, and mitigation strategies are critical. In this regard, he mentioned that the SBP has issued a Renewable Energy Financing Scheme in order to support renewable energy projects.

He added that directing financial resources into resource-efficient and long-term solutions would be critical to combating climate change.

Since 2015, Pakistan has been a member of the Global Sustainable Banking Network (SBN), and its green/sustainable finance policies are in line with international environmental and social norms and best practices.

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