Although, the implementation of the Environmental and Social Risk Management manual will be piloted in two voluntary banks on a fast-track basis, I will encourage the entire banking industry to take full advantage and use this manual for establishing ESRM systems and procedures. State Bank, along with IFC, will continue to provide necessary support and guidance at every stage of ESRM implementation.
I am happy to share that our next milestone will be the development of a "National Green Taxonomy" in coordination with relevant stakeholders. This will facilitate financial institutions in identifying, and financing green projects and reporting their green finance portfolios to SBP and public. This will also lay-out the groundwork for development of green bond and Sukuk market in Pakistan.