Pakistan’s first financial institution JS Bank to be accredited by the Green Climate Fund (GCF), the world’s largest climate fund aimed to endow facilities and abridged greenhouse gas (GHG) emissions.
JS Bank will be proficient to apply for funding of up to USD 250 million per project. Currently, the Fund has 102 active projects worldwide and a total of USD 10.3 Billion.
JS Bank can also drum up additional funds from private sector investors to support action on climate change. In addition to opening new paths of local and international funding, the Bank can associate in contributions to climate adaptation and mitigation financing in Pakistan.
According to the Global Climate Risk Index 2018, Pakistan is the seventh most vulnerable country facing long-term climate risk. Hence, there is an urgent need to get on multiple initiatives to alleviate the impact of climate change.
JS Bank has a strong binder to sustainable development and will continue working with customers, patrons, businesses and the government to counter the challenges posed by climate change.
The ultimate aim is to provide amenities to private sector corporations in emerging economies for limiting or reducing greenhouse gas (GHG) emissions through investments in low-emission and climate-resilient programs.