HBL to finance the solarization of the Pakistani agriculture sector

Habib Bank Limited (HBL) has set a new standard within the industry by committing to finance solar tube wells, aiming to transform the agricultural sector. This was reported in a news article released on November 20.

In specific terms, HBL plans to allocate PKR 1 billion towards financing for solar tube wells. Further, this initiative introduces a groundbreaking method for farmers to adopt solar technologies, which are typically high in capital investment, more affordably, and efficiently.

Read: World Bank Recommends Increasing Taxes On Property And Agriculture Sectors

However, the bank is streamlining access to credit for farmers through its widespread rural network, emphasizing its dedication to sustainable and environmentally conscious agricultural practices.

This significant step mirrors HBL’s dedication to advancing eco-friendly methods, aligning with the Aga Khan Development Network’s (AKDN) Net Zero Goal set for 2030. Moreover, being a supporter of the Principles of Responsible Banking (PRB) and an active member of the Net Zero Banking Alliance (NZBA), HBL is actively promoting the use of renewable energy sources in agriculture. This emphasis aims to curtail carbon emissions and reduce dependence on fossil fuels.

Read: FBR Provides An Exemption From Taxation For The Transfer Of Agricultural Properties

Additionally, the transition to solar-powered tube wells emerges as a cost-efficient solution, ensuring timely and ample irrigation water supply. By embracing these technologies, farmers stand to benefit from lowered production costs, leading to increased farm productivity and improved profit margins.

Stay tuned with RBS for more updates.