ISLAMABAD, May 6 (INP): As the Green Banking initiative of State Bank of Pakistan (SBP)’s Financing Scheme for Renewable Energy (FSRE) is combating climate change in the country, 521 projects under the scheme are producing approximately 850 Megawatts of electricity, reports Gwadar Pro.

“Due to climate change, the adoption of prevention strategies is of paramount importance for Pakistan,” said Governor SBP Dr Reza Baqir. He added that SBP has issued FSRE with a view of promoting renewable energy projects in the country.

Mr. Baqir was addressing a webinar jointly hosted by SBP and Unilever Pakistan to create awareness about the SBP’s financing scheme, which has been used by Unilever to convert 30% of its factories to renewable energy.

“As of February 2021, financing of around Rs. 36 billion has been extended for 521 projects producing approximately 850 MW,” he said.

Mr. Baqir said that the scheme could be beneficial for stakeholders ranging from corporations to individuals. He urged participants to benefit from FSRE, which would play a central role in mitigating climate change.

The SBP issued its FSRE in 2016, which was later revised in 2019, aiming to meet Pakistan’s growing electricity demand through renewable energy and to promote clean energy projects as a part of Sustainable Development Goals (SDGs).

Chairman and CEO of Unilever Pakistan, Amir Paracha said that the SBP’s Renewable Energy Financing scheme is an innovative solution that aims to encourage investments in clean energy in Pakistan.

Unilever has committed to remove carbon emissions from operations by 2030, as well as net zero emissions from their products by 2039, which will be 11 years ahead of the 2050 Paris Agreement.

The renewable energy solution was implemented by Reon Energy Limited, producing 13 million KW units of energy per year, resulting in annual savings of Rs. 182 million and a reduction in 5,075 tons of CO2 emissions.

INP/JAVED