He called for climate financing to reach women, smallholder farmers and small businesses, stressing that vulnerable communities needed better access to formal financial services to cope with climate risks.
Speaking at the inaugural session of a four-day joint learning programme organised by the SBP and the Alliance for Financial Inclusion (AFI) in Islamabad, Ahmad said climate change and financial exclusion were closely connected.
He noted that communities most exposed to climate-related risks often had the least access to insurance, savings and formal financial services.
“Climate finance must do more than support green investments. It must also help communities anticipate risks, build resilience and adapt to a changing climate,” he said.
The programme has brought together 38 representatives of central banks and financial regulators from 24 countries across four continents. It aims to help participating institutions turn inclusive green finance policies into practical measures and strengthen climate-resilient financial systems.
Pakistan is hosting the programme for the first time.
Ahmad cited the devastating 2022 floods as an example of the economic and social consequences of climate-related disasters. The floods caused nearly $15 billion in physical damage and another $15 billion in economic losses, affected more than 30 million people and damaged 2.2 million homes.
He said the scale of the destruction highlighted the need for financial systems that were both environmentally sustainable and inclusive.
The SBP governor said Pakistan was sharing its Green Taxonomy and climate risk framework with regulators across the AFI network.
He also outlined the central bank’s measures to incorporate environmental considerations into the financial sector. These include the Green Banking Guidelines issued in 2017, the Environmental and Social Risk Management Framework introduced in 2022, the Pakistan Green Taxonomy and regulations on climate-related financial risks.
He also highlighted the Climate Stress Testing Guidelines issued in December 2025, which help financial institutions assess their exposure to climate-related shocks.
On women's financial inclusion, Ahmad highlighted the Pakistan Women Inclusive Finance Programme, supported by the Asian Development Bank. He added that Pakistan joined the Women Entrepreneurs Finance Code in 2025, with the SBP serving as the financial industry's anchor institution.
The governor outlined Pakistan’s work under AFI’s four pillars: Promotion, Provision, Protection and Prevention. The initiatives include identifying environmentally sustainable economic activities, directing financing towards underserved communities, strengthening women’s financial resilience and helping financial institutions prepare for climate-related risks.
He said participants would share experiences on implementing inclusive green finance policies, supporting climate-smart agriculture and addressing barriers to implementation, particularly those related to gender.
“The success of any policy framework is ultimately measured by its implementation and its impact on people's lives,” he said.
AFI Director of Strategy, Member Engagement and Evaluation Aban Haq and World Bank Operations Manager Lasse Melgaard also addressed the inaugural session. Both highlighted the importance of international cooperation and knowledge-sharing in promoting inclusive and sustainable finance.
