| Karachi: Habib Bank Limited (HBL) has established an industry benchmark by deciding to provide financing for solar tube wells for agricultural sector transformation, according to a news published on November 20.
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As per the details, HBL will be providing PKR 1 billion in financing for solar tube wells. This innovative facility empowers farmers to embrace capital-intensive solar technologies in a manner that is both affordable and cost-effective. The bank is facilitating farmers with easy and rapid access to credit through its extensive rural network, reinforcing the bank’s commitment to sustainable and climate-smart agriculture.
This milestone aligns with HBL’s dedication to advancing environmentally conscious practices, in harmony with the Aga Khan Development Network’s (AKDN) Net Zero Goal set for 2030. As a signatory of the Principles of Responsible Banking (PRB) and a member of the Net Zero Banking Alliance (NZBA), HBL is actively working to promote the use of renewable energy sources in the agricultural sector, with a focus on minimizing carbon emissions and reducing reliance on fossil fuels.
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The solarization of tube wells emerges as a cost-effective solution, ensuring a timely and adequate supply of irrigation water. By adopting these technologies, farmers experience a significant reduction in production costs, leading to enhanced farm productivity and increased profit margins. |
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