SBP urged to launch EV financing policy amid rising fuel prices

MULTAN, Sep 26 (APP):Environmental experts have urged the State Bank of Pakistan (SBP) to introduce concessional financing for electric vehicles (EVs) through commercial banks,citing a sharp rise in petrol prices in recent months.

The demand was made at a meet-up of The Grow Green Network (GGN),a coalition of more than 20 civil society organizations from Punjab,Sindh and Balochistan.

The event, titled “Ensuring Energy Security and Clean Mobility”,was organized by the Doaba Foundation here on Saturday.

Energy experts,academics and civil society representatives,including Parliamentary Secretary for Higher Education Muhammad Ajmal Khan Chandia,Professor Javed Iqbal of Muhammad Nawaz Sharif Agriculture University,Doaba Foundation Manager Programs Ghulam Mustafa,Farmers Development Organization CEO Aamer Saeed Ansari,former MPA Sabeen Gul,Professor Muqarrab Ali and Shireen Rana, besides a large number of social activists,representatives of community-based organizations and renewable energy developers, attended the event.

Muhammad Ajmal Khan Chandia said Pakistan needed proactive and responsible citizens and positive behavioural changes to address the social, economic and environmental challenges confronting the country.

He said the recommendations presented at the forum would be taken to Parliament for discussion and advocacy, while stressing the need to promote solar grid schemes.

Professor Javed Iqbal and Professor Muqarrab Ali called for promoting an energy-saving culture to help overcome the energy crisis,saying greater attention should be given to environment-friendly sectors,including electric vehicles and waste management.

Sabeen Gul and Shireen Rana said the transport sector had also faced a significant impact as petrol prices increased by more than 50 per cent between late February and early May 2026.

They urged the government to redirect public resources towards indigenous solar and wind power,backed by battery storage and grid modernization to strengthen Pakistan’s long-term energy security.

Ghulam Mustafa and Aamer Saeed Ansari called for repurposing RLNG-based power plants to reduce fuel import costs and help ease the power sector’s Rs.1.67 trillion circular debt.

The forum also called for affordable electricity for small and medium enterprises,businesses and the general public to support industrial and economic activity.

The participants proposed policies to support local retrofitting of two- and three-wheelers, electrification of rickshaw networks and provision of EV financing to university students, particularly young women to accelerate the transition towards electric mobility.