SBP introduces Green Banking
Federal Minister for Climate Change Senator Mushahidullah Khan addressed the side event on "Asia-Pacific Climate Action: Making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development for the implementation of the Paris Agreement and the 2030 Agenda" during Conference of Parties 23 going on in Bonn Germany.
He highlighted that It makes me worry when I look at the situation and the changing climate of the world. Climate change is a global challenge, having no distinction or respect for boundaries or regions. This forces us to realize that emissions anywhere affect people everywhere.
He further added that it is encouraging that we are having events like this and talking about the finance flows consistent towards low greenhouse gas emission and climate resilient development for the implementation of Paris Agreement and the 2030 Agenda. As an implementation partner of the Paris Agreement and having adopted Sustainable development goals as our country goals, special focus is given to climate change.
The sustainable development goal 13, climate action says it all: take urgent action to combat climate change and its impacts. He also told the audience that coming from a country, which only contributes less than 1% of the global emissions while being one of the top ten countries most vulnerable to the effects of climate change, we cannot afford the luxury of just discussing this topic and therefore, have to take drastic steps towards our climate resilient infrastructure development.
He also highlighted that the international debate on climate change and sustainable economic development as well as the frequent and devastating natural disas- ters, which have caused human tragedies and tremendous losses to the economy, has put environmental protection on the top of the agenda.
In Pakistan, the Federal Government has established a Ministry of Climate Change, which was instrumental in formulating National Climate Change Policy in 2012. The provinces have also enacted their own environmental protection laws in line with the Federal Environmental Protection Act, 1997 that provides for protection, conservation, rehabilitation.
And improvement of the environment, prevention and control of pollution and promotion of sustainable development. At the country level we are making all possible steps towards climate resilient development. The State Bank of Pakistan has introduced Green Banking thus, acknowledging the responsibility of the financial sector in supporting policy initiatives for transforming a country's economy towards a low carbon and climate resilient economy.