External Finance Wing authorised to deal with sustainable financing

ISLAMABAD: The Finance Ministry has authorized the External Finance (Policy) Wing to deal with the sustainable financing including climate financing and green investments.

A circular issued by the External Finance Wing of the Finance Ministry stated that Pakistan is among the top 10 countries vulnerable to climate change and keeping the vulnerability of the country in consideration, there is a need to have dedicated sustainable and green financing.

The ministry has assigned the functions related to sustainable financing including climate financing, and green investments to the External Finance (Policy) Wing of the ministry.

The External Finance (Policy) Wing will undertake the subjects with regard to climate financing, monitor budget allocations and execution in accordance with climate policies and frameworks, link environmental concerns into economic and financial policies while providing support to relevant stakeholders in mobilizing resources from various mechanisms such as green bonds and carbon markets.

Copyright Business Recorder, 2022