‘PBA is committed to supporting green financing solutions’

KARACHI: Muneer Kamal, CEO and General Secretary, Pakistan Banks’ Association (PBA) has said that PBA committed to supporting green financing solutions and driving investments toward a low-carbon economy.

Addressing a seminar titled “Enabling Green Financing and Green Bonds via Credit Enhancement Solutions”, organized by InfraZamin Pakistan, he said, “As a nation on the frontlines of climate vulnerability, Pakistan needs more than just incremental changes. “Sustainable finance is not merely an option - it’s a responsibility we, as an industry, must embrace,” he added.

He said that multi-stakeholder partnerships like these are critical for transforming the financial sector, ensuring a future where economic progress aligns seamlessly with environmental stewardship.

Maheen Rahman, CEO, InfraZam in Pakistan said that to unlock Pakistan’s full potential in green financing, it is essential to engage the private sector alongside government and regulatory bodies. “At InfraZamin, our mission is to bridge financing gaps by providing credit enhancement solutions that reduce investment risk and make it feasible for the private sector to support green bond issuance and other sustainable projects,” she added.

Philip Skinner, Head of MENA and Pakistan, GuarantCo said that with the right support the private sector can lead the way in the development of the market for certified green, social and sustainability bonds and loans.

GuarantCo and the PIDG has supported the first corporate green bond issuances in Bangladesh, Vietnam, Cambodia, Kenya and Zambia and have seen first-hand that the barriers to entry are much lower than perceived, whilst the potential for societal benefits as countries respond to the climate change challenge can be enormous, he added.

Copyright Business Recorder, 2024