Two-day 43rd SAARC Finance Governors' Conference concluded in Islamabad on Wednesday with the resolve to scale up green financing to counter global threat of climate change.
The conference hosted by State Bank of Pakistan also included SAARC Finance Governors' meeting, presentation of collaborative studies, a cultural event and a symposium.
The SAARC Finance Symposium titled "Climate Change and Green Financing: Initiatives and Outlooks in South Asia" was the final event of the conference aimed at promoting sustainable financial system.
Taking part in the discussions, financial experts from SAARC countries called for mobilising climate financing and adopt an integrated approach in this regard.
The experts shared their perspectives on the ways in which green financing can be leveraged to advance climate change action in the region.
In his inaugural address, Governor State Bank Jamil Ahmed emphasized on importance of discussing the pressing issue of climate change in context of the SAARC region.
Highlighting the vulnerabilities of SAARC region to the adverse impacts of climate change, he said globally, the financial systems are shifting towards promoting sustainability considerations, therefore SBP has adopted a proactive approach to safeguard the financial sector against climate change and environmental risks by undertaking several green initiatives.
He said these initiatives include green banking guidelines, environmental and social risk management implementation manual, and financing scheme for renewable energy.
In her concluding remarks, Deputy Governor State Bank Seema Kamil stressed on fostering greater collaboration and cooperation among SAARC member countries and international organizations to address the pressing issue of climate change.
She also expressed her gratitude to all the participants for their valuable contributions to the discussions.
Source: Radio Pakistan