Increased share of renewables for energy solutions at community and industrial needs with sustainable finance by public and private sectors will help to mitigate climate effects and reduce vulnerabilities of marginalized segments of the society will ensure sustainable development in Pakistan.
The green financing is important to promote solar solutions at household and community level. Addressing to the people assembly on “Green financing for sustainable development” by Ms. Azra Jamal Political Activist and Ex- member District Council Sukkur said that current federalgovernment/ provincial government has prioritized financing in energy sector and many clean energy corridors have been identified in the country and new projects are in foundation phase.
While speaking on the occasion Mr. Shafique Ahmed Khoso (NARI Foundation Sukkur)said that private finance is very important to achieve the net zero emission target set under Paris Climate agreement and national targets set by current government.
He said that increase allocation in coal will harm the environment and climate in Pakistan so government should develop an effective mechanismwhich makes banks and IFIs accountable to adhere the “Green Banking guidelines” of the State Bank of Pakistan and other international commitments including equator principles and Environmental, Social and Governance (ESG) standards.Talking at the occasion Mr.Aslam Shaikh Deputy Director and Mir Murad Ali Talpur Assistant Director Environmental Protection Agencysaid that many environmental laws and protocols already exists in Pakistan but none is adhering to these laws and developing projects without or very poor EnvironmentalImpacts Assessments ( EIAs) and do not consider the suggestions and recommendations of so-called EIAs.
A strong enforcement of laws, SOPs and protocols are required at government level, without this all efforts will be wasted.
Mr. Hussain Jarwar, CEO Indus Consortium/ Ms. Fiza Qureshi Manager Program Implementation Indus consortium appreciated that current government which has considerably increased climate related budget. He said that budget studyreveals that climate change allocation increasedRs. 412 million in 2018/19 to Rs. 8075 million in the year 2019/20. Despite the increase in climate change budget, it remained 0.1 of the total allocations in the year 2019/20.
Talking on the occasion Anwar Ali (ED NARI Foundation) said Prime Minister’sCoal Moratorium has beentranslated into action and the investment of coal power has reduced from Rs. 28,141 million in 2018/19 and 2019/20 respectively. The solar power allocations has been reduced by Rs 650.9 million from 1080.7 million in in 2018/19 to Rs 429.7 million while allocation of wind energy increased by Rs 1000 million. He reiterated that government should continue to allocate more resources for renewable energy along community based solutions.
The participants signed charter of demand and demanded from federal and provincial governments that the allocation of fossil fuel related projects like coal fired power generation should be stopped and asked State Bank of Pakistanthat it should asked banks to adhere the green banking guidelines and do not fund any project which potentially could harm environment.
Participants also make strong demand for allocation in lieu of community based solar solutions should be increased and State Bank should increase the lending threshold for wind projects from 50 MW.
The people assembly was organized by NARI Foundation Sukkur in association with Indus Consortium and Grow Green Network, participated by parliamentarian, government departments, environmentalorganizations, lawyers and civil society representatives.