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.
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.
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.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
