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SBP introduces energy conservation drive

In compliance with federal and provincial government, SBP has introduced measures for energy and fuel conservation in the banking sector

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As federal and provincial governments are already struggling to cope with the huge challenge of power shortage and electricity load shedding for hours, State Bank of Pakistan (SBP) introduced some measures for energy and fuel conservation in the banking sector.

SBP has shared the measures in a tweet that to save on energy bill #SBP introduces following measures with immediate effect:

  • Twice a week work from home facility for employees
  • Maximize use of virtual meetings, cutting down on official condiments
  • Carpooling incentives
  • Rationalize use of ACs
  • Minimize late sittings

In addition, the central bank has also shared that they have suspended the purchase of fixtures and furniture, as well as putting a limit on domestic travel.

Read more: Energy Security key for Pakistan’s progress

Moreover, it has proposed some more measures for the banking sector in form of formulation of policy on “Work from Home (WFH)” whereby banks’ offices (other than branches) can observe, one/two days in every week, as WFH to achieve the intended objectives.

It has also presented measures in form of switching off unnecessary electric supply other than for any emergency use, call centers, Alternative Delivery Channels (ADCs), and closure of bank premises including branches at 7pm or earlier.  The economical use of air-conditioners at ATMs vestibules is also recommended.

Read more: ‘Energy Crisis Emergency’: Sindh limits market hours

The electrically illuminated signboards of branches and other offices shall remain switched-off, always.

Banks are encouraged to hold virtual meetings (intra/inter-city, etc.) and to reduce their local and international travel expenses.

Banks must encourage their employees to pool their transportation for getting to and from their respective offices and take any other measures necessary to reduce the bank employees’ commute time.

Banks may adopt alternative and cost-effective energy sources, such as solar technology deployment, and stimulate the use of energy-efficient equipment, fixtures, and appliances in their facilities.

Banks may take additional steps/actions to reduce electricity and fuel consumption in their respective offices, including branches.

SBP has also directed commercial banks to increase awareness among their employees and customers regarding energy conservation measures and motivate them to be a part of this energy conservation drive. With regards to this, SBP has asked the banks to share their energy conservation plan with SBP not later than June 24, 2022 and the initiatives should be brought into action from July 01, 2022.