Recharge Pakistan through Green Banking

Author: Dr Syed Asim Ali BukhariMuhammad Waqas Mahmood

The Indus Waters Treaty, signed on September 19, 1960, is an agreement between India and Pakistan facilitated by the World Bank. This treaty established and defined the rights and responsibilities of both nations regarding the utilization of the waters from the Indus River system.

Now India is demanding to renegotiate the treaty’s terms due to various concerns, such as shifts in population demographics, environmental issues, and additional factors. As far as Pakistan’s water worries are concerned, this is just the tip of the iceberg. The United Nations Development Program and Pakistan Council of Research in Water Resources have warned of an “absolute water scarcity and a drought in the country by 2025 if no proper solution is sought”.

The groundwater level of Pakistan is rapidly declining and according to the UN’s ‘Global Water Security 2023 Assessment’ report, Pakistan is in the critically water-insecure category. The report highlights the dramatic decline in per capita water availability, which has decreased by over 80 percent in the past 70 years.

In Pakistan, groundwater depletion is a growing concern. Groundwater is an essential resource for Pakistan, and it is estimated that approximately 60-70 percent of the total population in Pakistan relies directly or indirectly on groundwater for their livelihood.

Under the Green Banking and ESG ideology, banks in Pakistan can provide green and sustainable financing solutions to water conservation and rainwater harvesting projects.

The water retained underground can be compared to funds held in a bank account, with the risk of depletion arising when withdrawals exceed deposits. Similarly, the groundwater account may become exhausted if water is extracted at a rate that surpasses its replenishment. The groundwater level of Pakistan is declining rapidly.

About 50 to 55 Million Acre Feet (MAF) water is pumped out of the ground every year in Pakistan which is causing depletion of water tables, as only 40 to 45 MAF is recharged. Experts are of the view that an estimated amount of 30 MAF of water is wasted away which passes through Pakistan every year.

According to the Pakistan Council of Research in Water Resources (PCRWR), Pakistan possesses one of the most extensive interconnected irrigation systems globally, with around 90 percent of water allocated for agricultural purposes, where significant losses are prevalent.

Over 50 percent of the water utilized in agriculture is wasted during the processes of conveyance and application in the fields, primarily attributable to inadequate maintenance of the irrigation infrastructure and traditional irrigation techniques. During the irrigation process, 20-25 percent of water is lost due to uneven terrain and suboptimal farm design, resulting in excessive water application in lower areas while higher regions experience insufficient irrigation.

Groundwater recharge is a process where water seeps downward from surface to ground. The practice of groundwater recharging by water from different sources is also known as ‘Managed Aquifer Recharge’ (MAR). Groundwater recharge initiatives can utilize various sources of water, including surface water, stormwater runoff, recycled water, or treated groundwater.

Rainwater harvesting is an effective method of water conservation. It reduces the need for the main water supply as well as groundwater extraction locally. By utilizing rainwater collected from rooftops, landscapes, and various surfaces, we can decrease our reliance on standard water sources, reduce the consequences of flooding, and recharge groundwater aquifers.

Countries, such as Australia, Brazil, India, Japan, Sri Lanka, and Taiwan, are actively working on regulations that require rooftop rainwater harvesting in particular locales or for specific building types. In this regard, Pakistan may also establish comparable regulations for public and private buildings that exceed a certain plot size in urban settings.

This initiative would allow for the collection of rooftop water to be funnelled into boreholes and recharge wells, contributing to the recovery of stressed groundwater resources while also mitigating the problems related to urban flooding.

It is vital to recognize that rainwater harvesting is not merely a standalone solution; it is an integral aspect of a comprehensive water management framework. When synergized with other water conservation efforts, it can deliver significant benefits for individuals and communities alike.

The Pakistan banking industry can play a vital role in recharging Pakistan’s water resources through green and sustainable financing. Under the Green Banking and ESG ideology, banks in Pakistan can provide green and sustainable financing solutions to various water conservation and rainwater harvesting projects. In recent years, there has been a notable increase in the recognition of the significance of rainwater harvesting in Pakistan. Numerous challenges persist. Factors such as urbanization, climate change, and inconsistent rainfall patterns hinder the widespread adoption of rainwater harvesting. Furthermore, there is an urgent requirement for improved public awareness and education about the benefits and techniques associated with rainwater harvesting.

To address these challenges, it is essential to strengthen government policies and incentives that promote rainwater harvesting. Additionally, investing in research and development to enhance rainwater harvesting technologies is vital. Furthermore, cultivating collaborations among government agencies, the private sector, and local communities can accelerate the integration of this sustainable practice.

Dr Syed Asim Ali Bukhari is working as SVP/Unit Head – ESG and Muhammad Waqas Mahmood works as EVP/Divisional Head – ESG, Policy & RA in The Bank of Punjab.

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