The Governor State Bank of Pakistan Jamel Ahmed, on Wednesday, said that the central bank has adopted a proactive approach to safeguard the financial sector against climate change and environmental risks.
He was addressing SAARCFINANCE Governors’ Symposium on the theme of “Climate Change and Green Financing: Initiatives and Outlook in South Asia”, said a statement issued here.
The symposium was hosted on the sidelines of the 43rd SAARCFINANCE Governors’ Meeting by SBP to showcase its dedication to promoting a sustainable financial system.
The Governor SBP emphasised on the importance of discussing the pressing issue of climate change in general and particularly with reference to the SAARC region and also highlighted the vulnerabilities of SAARC region to the adverse impacts of climate change and its implications on the financial system.
Jameel Ahmed remarked that globally, the financial systems were shifting towards promoting sustainability considerations and similarly, SBP has adopted a proactive approach to safeguard the financial sector against climate change and environmental risks. He said that several green initiatives were undertaken in the regard including green banking guidelines, environmental and social risk management (ESRM) implementation manual, and financing scheme for renewable energy.
The symposium panellists shared their perspectives on the role of financial institutions in promoting sustainable finance and the ways in which green financing can be leveraged to advance climate change action in the region.
Deputy Governor SBP Sima Kamil concluded the Symposium by expressing gratitude to all the participants for their valuable contributions to the discussions. The event was aimed at fostering greater collaboration and cooperation among SAARC member countries and international organisations to address the pressing issue of climate change.
Earlier, 43rd SAARCFINANCE Governors’ Group Meeting was held on Tuesday in Islamabad with Governor SBP Jameel Ahmad in chair. Governor of Nepal Rastra Bank Maha Prasad Adhikari, Governor of Central Bank of Sri Lanka Dr. P. Nandalal Weerasinghe and delegates from other central banks of the region participated in the meeting. —APP
