The government has started work on various green financing instruments, supported by widespread global investor interest in Pakistan’s first green bond, which hit the international market last week.
Water and Power Development Authority (Wapda) launched the first-ever US green dollar, at the end of last month, which raised $ 500 million for environmentally friendly projects to boost the clean energy component of a country that is heavily dependent on fossil fuels at the moment. The oversubscription of Pakistan’s Green bond showed increased appetite of Investors for the environmental friendly Investment instruments.
Pakistan will be seeking to become a major player in the global green finance market.
The World Bank estimates that planting 10 billion trees in Pakistan along with other plantation initiatives over the next few years will yield a benefit of $500 million by 2050 if successful.
Green Bonds are Borrowing Instruments which raise money to fund new or existing projects meant to have positive environmental or climate effects. The Green Bonds are primarily issued in the field of energy, transport, waste management, building construction, water and land use.
So far Global Green Bonds sales have raised $1 trillion in funds.
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