Karachi, Habib Bank Limited (HBL) has initiated a groundbreaking project by allocating Rs 1 billion for the financing of solar tube wells in Pakistan's agricultural sector. This move is aimed at augmenting the use of renewable energy and boosting the efficiency of the agricultural sector.
According to Habib Bank Limited, this initiative is set to revolutionize the industry by facilitating farmers with the means to adopt solar-powered tube wells. The scheme is designed to make these advanced technologies accessible and affordable, thereby promoting sustainable and cost-effective farming practices. HBL's extensive rural network will provide farmers with easy and quick access to credit, supporting their transition to climate-smart agricultural methods.
HBL's investment aligns with its commitment to the Aga Khan Development Network's (AKDN) Net Zero Goal for 2030. As a signatory of the Principles of Responsible Banking (PRB) and the Net Zero Banking Alliance (NZBA), HBL is focused on reducing carbon emissions in the agricultural sector by minimizing the use of fossil fuels. The bank emphasizes that the solarization of tube wells is a practical solution for ensuring the timely and adequate supply of irrigation water, reducing production costs, and enhancing farm productivity.
Aamir Kureshi, Head of Consumer, Agriculture &amp;amp;amp;amp;amp;amp;amp; SME Banking at HBL, expressed his views on the importance of this initiative. He emphasized HBL's role as a leader in agricultural financing among commercial banks and its commitment to partnering with farmers to improve crop yields and farm productivity. Kureshi stated that this project is a significant step towards achieving food security and prosperity for farming communities in Pakistan. HBL aims to support the agriculture sector through innovative technological and financial solutions.