State Bank of Pakistan (SBP) Governor Jameel Ahmad has called for climate financing to focus more on women, small farmers and small businesses, saying communities most vulnerable to climate change often have limited access to formal financial services.
He made the remarks while inaugurating a four-day joint learning program organized by the SBP and the Alliance for Financial Inclusion (AFI) in Islamabad.
The event brought together 38 participants from central banks and financial regulators in 24 countries across four continents to discuss ways to implement inclusive green finance policies.
Ahmad said climate financing should not be limited to funding environmentally friendly projects. It should also help vulnerable communities prepare for climate risks, improve their resilience and adapt to changing conditions.
Pakistan’s Climate Risks Highlight Need for Inclusive Finance
The SBP governor referred to the devastating floods of 2022, which caused nearly $15 billion in physical damage and another $15 billion in economic losses.
The floods affected more than 30 million people and damaged 2.2 million homes, highlighting the need for financial systems that support both environmental sustainability and vulnerable communities.
Ahmad said Pakistan’s financial inclusion rate had reached 71 percent, while the gender gap in financial inclusion had narrowed to 27 percent.
He added that Pakistan was sharing its Green Taxonomy and climate risk framework with financial regulators across the AFI network.
The SBP has introduced several measures to strengthen green finance, including Green Banking Guidelines in 2017, an Environmental and Social Risk Management Framework in 2022, the Pakistan Green Taxonomy, climate-related financial risk regulations and Climate Stress Testing Guidelines in December 2025.
SBP Highlights Women’s Access to Finance
Ahmad also highlighted the Pakistan Women Inclusive Finance Program, supported by the Asian Development Bank.
He said Pakistan joined the Women Entrepreneurs Finance Code in 2025, with the SBP serving as the anchor institution for the country’s financial industry.
The governor outlined Pakistan’s work under AFI’s four pillars of Promotion, Provision, Protection and Prevention.
These initiatives include classifying environmentally sustainable activities through the Green Taxonomy, directing financing toward underserved communities and improving women’s access to financial services.
The SBP’s climate risk regulations and stress testing guidelines are also intended to help financial institutions prepare for climate-related shocks.
Participants at the program are expected to exchange experiences on green finance, climate-smart agriculture and barriers to implementation, including challenges faced by women.
SBP and AFI Hold First Joint Learning Program in Pakistan
Ahmad said the success of regulatory frameworks depended on their implementation and the difference they made in people’s lives.
He thanked AFI for its partnership and said the program would help participating countries share knowledge and strengthen cooperation.
AFI Director of Strategy, Member Engagement and Evaluation Aban Haq and World Bank Operations Manager Lasse Melgaard also addressed the inaugural session.
They highlighted the importance of sharing knowledge and practical experiences to expand inclusive and sustainable green finance.
The four-day joint learning program is being held in Pakistan for the first time.
