Pakistan home to world class innovators: Jane

Pakistan home to world class innovators: Jane Pakistani climate projects asked to apply for specialist support

Mahnoor Ansar

ISLAMABAD: The UK Climate Finance Accelerator Pakistan (CFA) is inviting applications from low-carbon projects helping to combat climate change. Funded by the UK Government, the CFA provides one-on-one specialist support including on financial, gender equality and social inclusion issues. The aim is to strengthen proposals, making them more attractive to investors to secure funding.

CFA Pakistan is looking for projects that are in at least the pre-feasibility stage and require a minimum of $4 million USD investment. Proposals must be submitted by 31 May 2024 by completing an online application on the CFA Pakistan website. Support for projects includes improving financial models, advice on pitching to investors, and how to embed gender equality and social inclusion (GESI) within their business.

British High Commissioner, Jane Marriott CMG OBE, said:

“Pakistan is home to world class innovators finding creative solutions to tackle climate change. But we know that access to finance and compliance with regulation can be a barrier to getting projects off the ground. The UK Climate Finance Accelerator empowers low-carbon innovators through specialised expertise that is crucial for their long-term business success.”

The Climate Finance Accelerator (CFA) is a £12 million technical assistance programme funded by the UK Government’s Department for Energy Security and Net Zero. The UK government has announced up to £40 million to extend the CFA programme from late 2024 until 2029. This will support up to 800 low carbon projects in up to 16 countries across Asia, Latin America, and Africa.

CFA Pakistan has successfully completed two cohorts, providing support to:

  • Daewoo, hoping to add 200 electric busses and 15,000 e-rickshaws into their fleet;
  • National Foods, aiming for a sustainable greenhouse tomato farming locally to save import costs;
  • Shams Power, who have ambition to implement 150MW of solar energy plants at multiple sites across Pakistan; and
  • PACT Capital, wanting to increase forest cover on 10,000 hectares of land.

CFA has helped fifteen low-carbon projects that were aiming to raise at least $75 million. The global technical assistance programme is implemented in ten countries, including: Colombia, Egypt, Mexico, Nigeria, Pakistan, Peru, South Africa, Türkiye, Uganda, and Vietnam.