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Tuesday, May 21, 2024

JS Bank attends Pakistan’s first virtually held conference on ‘solarization’ of country’s energy

Pakistan's first virtual conference on 'solarization' of the country's energy was held today; commercial banks are to play a vital role in project financing

The first conference on the ‘solarization’ of Pakistan was held virtually, organized by ‘Energy Update’, today. The Keynote speaker Dr. Rana Abdul Jabbar Khan, the CEO of the Alternative Energy Development Board said that solar power is the way forward for Pakistan to safeguard its energy security and to lower the basket price of electricity for the consumers in the country.

The AEDB CEO stated in the virtual meeting that Pakistan should take advantage of its presence in one of the best solar zones in the world. Senior energy consultant Faiz Bhutta, who was also present in the virtual meeting said that Pakistan’s private banking industry should be encouraged to provide a loan facility for potential environmentally friendly energy projects.

Commercial banks encouraged to provide renewable energy project loans

Amin M Lakhani, the Director of Clean Energy Project USAID (SEP), ensure d the government’s support in financial closures of upcoming renewable energy projects on an urgent basis so that more clean electricity was available for the national grid.

Read more: JS bank reports incredible turnaround in profits credited to surge in deposits

Amongst other dignitaries Nida Hameed Khan, Senior Product Manager-Green Financing JS Bank was present at the occasion. JS Bank has an existing system of Solar Energy financing for households, as well as for small and medium-sized businesses.

JS Bank’s existing solar energy financing schemes

JS Bank had enlisted the help of Adaptive Technologies to finance initiatives for Small & Medium Enterprises (JS Smart Roshni), solar panel financing for the residential sector (JS GharApna), and solar tube well (JS Zarkhez) for farmers in 2018. These financial schemes came under the State Bank of Pakistan’s (SBP) environment-friendly fiscal solutions.

Read more: Another milestone for JS Bank as deposits reach monumental $2.3 Bn mark

In 2019, JS Bank also collaborated with Hadron Solar seeking, according to the JS Bank website, to develop a framework for the growth of shared values to assist residential, agricultural, and commercial endeavors.

Using solar power, can reduce electricity costs, reduce dependence on the national energy grid, and protect the environment by utilizing non-polluting power generation sources.

GVS News Desk