In a groundbreaking move towards sustainable agriculture, Habib Bank Limited (HBL) has set an industry benchmark by providing Rs 1 billion in financing for solar tubewells. This initiative is designed to help farmers embrace capital-intensive technologies in an affordable and cost-effective manner, marking a significant stride towards climate-smart agriculture. The financing facility, pioneered by HBL, empowers farmers by offering easy and quick access to credit through the bank's extensive rural footprint. This strategic approach is aligned with HBL's commitment to sustainable and climate-smart agriculture as well as Aga Khan Development Network’s Net Zero Goal of 2030.

Talking to WealthPK, Tariq Sultan, a principal scientific officer at the National Agriculture Research Centre, said Habib Bank’s recent commitment to providing financing for solar tubewells is a commendable and pioneering step towards fostering sustainable farming practices in Pakistan. “This strategic initiative not only underscores HBL's leadership in the financial sector but also aligns with global sustainability goals.” “The timing of this initiative is particularly significant, considering the global emphasis on sustainable development and the urgent need to address climate change. The solar tubewell financing aligns perfectly with the growing recognition of the role financial institutions can play in advancing sustainable agriculture. By investing in technologies that reduce the cost of production and improve farm productivity, HBL is not only supporting individual farmers but also contributing to the broader goal of creating a resilient and sustainable agricultural ecosystem,” he said. The agriculture scientist appreciated the multifaceted impact that the solar tubewell financing initiative would have on the agricultural landscape. “This subsidy will address the challenges faced by farmers and offer them a range of facilities and services that can help increase yields and improve farming practices.”

“Solarizing tubewells is identified as a cost-effective solution that ensures a timely and reliable supply of irrigation water in the right quantity. By adopting these technologies, farmers can significantly reduce the cost of production, leading to higher farm productivity and profit margins,” Sultan highlighted. The NARC scientist added that this milestone not only reinforced HBL's position as a leader in agriculture financing among commercial banks but also demonstrated its commitment to fostering the adoption of sustainable practices within the agriculture landscape. He said with such initiatives, Pakistan's agriculture sector could embrace a brighter and more prosperous future. “Kudos to HBL for its foresight and commitment to making a lasting impact on Pakistan’s agriculture.”

Credit: Independent News Pakistan (INP)