KARACHI: JS Bank one of the Pakistan’s fastest growing banks – partnered with Green Climate Fund, the world’s largest climate finance organization, to promote and undertake Climate Resilient projects in Pakistan.
In a meeting hosted by JS Bank in Islamabad, both parties discussed various aspects of the Pakistan Distributed Solar Project (PDSP) – the country’s first private-sector renewable energy project – undertaken by JS Bank in partnership with GCF. They also talked about other sustainable and Green initiatives taken by the Bank, while exploring opportunities of collaboration for further green financing in Pakistan.
The GCF Delegation comprised ofCarolina Fuentes – Director, Country Programming; Anupa Lamichhane – Regional Manager Asia-Pacific; Hyejin Lee – Climate Investment Specialist;and Amgad Elmahdi – Water Sector Senior Specialist. Also present at the meeting were Bushra Gull from the Ministry of Climate Change; Syed Jafar Raza – Group Head Investment & International Banking, JS Bank; Shezad Abdullah – Head of Investment Banking JS Bank, Haider Hussain – Chief of Staff to CEO, JS Bank and Mohsin Ali Phulpoto from Sustainable Finance, JS Bank.
Speaking on the occasion, Syed Jafar Raza said, “We are delighted to work with GCF to promote climate resilient projects in Pakistan and are committed to supporting the country’s transition towards achieving a greener future.”
The GCF Delegation commended JS Bank’s collaborative efforts with GCF and displayed confidence in the Bank’s commitment and capacity towards implementing future projects.
The JS Bank-initiated PDSP aims to support access to distributed solar power all over Pakistan, across Consumer, SME, and Agriculture sectors. The initiative not only aims to develop climate resilient energy production, but also to increase capacity and awareness to adopt climate resilient methods of energy production.
Furthermore, in a workshop organized by GCF for Accessing Support for Climate Projects, JS Bank showcased its green initiatives in collaboration with GCF and elaborated on its capacity to produce and implement future adaptation and mitigation result area projects.
JS Bank has been at the forefront of promoting sustainable initiatives in Pakistan and has launched various initiatives to support the country’s transition towards clean energy generation. In 2019, JS Bank became Pakistan’s first financial institution to be accredited by the Green Climate Fund (GCF), the world’s largest dedicated fund helping developing countries respond to climate change. The partnership with GCF will further strengthen its efforts in this regard.
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About JS Bank:JS Bank is amongst Pakistan’s fastest-growing banks, with both a domestic and an international presence. The Bank is a leader in the SME space and has a substantial footprint in Digital Banking and Consumer Loans. JS Bank has been recognized on multiple international and national forums, including the prestigious Asia Money, Asian Banking, Finance, DIGI, and Pakistan Banking Awards. JS Bank is part of JS Group, one of Pakistan’s most diversified and progressive financial services groups. For more details visit, www.jsbl.com.
About Green Climate Fund: The Green Climate Fund (GCF) is the world’s largest dedicated climate fund. GCF’s mandate is to foster a paradigm shift towards low emission, climate-resilient development pathways in developing countries. GCF has a portfolio of USD 12 billion (USD 45 billion including co-financing) delivering transformative climate action in more than 120 countries. It also has a readiness support programme that builds capacity and helps countries develop long-term plans to fight climate change. GCF is an operating entity of the financial mechanism of the United Nations Framework Convention on Climate Change (UNFCCC) and serves the 2015 Paris Agreement, supporting the goal of keeping average global temperature rise well below 2°C. For more details, visit www.greenclimate.fund.
