UK-Funded projects include 500MW floating solar project at Keenjhar Lake and six other projects
Karachi, Sindh
The UK-funded Climate Finance Accelerator (CFA) Pakistan kicked off its two-day Investor Roadshow in Karachi on Thursday October 17, 2024, bringing together seven innovative climate mitigation projects spanning sectors such as power, e-mobility, healthcare, food, agriculture, and technology.
The third cohort includes the following projects:
A 500MW floating solar project at Keenjhar Lake, aiming to provide clean energy, create thousands of jobs, and reduce dependence on fossil fuels; an AI-powered platform for measuring emissions and a digital carbon marketplace aimed at significantly reducing CO2 emissions; offering bio-detergents to eco-conscious consumers, reducing harmful chemicals in wastewater and promoting environmental sustainability; National Rural Support Program aimed at converting agricultural waste into biomass to enhance soil health, sequester carbon, and reduce greenhouse gas emissions; producing zero-emission electric motorcycles to transform mobility in Pakistan, focusing on increasing production for tough road condition; creating Pakistan’s first large-scale, sustainable biomass supply chain to produce clean energy from agricultural waste, and establishing a facility to produce Recycled Polyethylene Terephthalate (R-PET) resin, reducing plastic waste and conserving natural resources.
The CFA, implemented by DAI Pakistan on behalf of the UK Government, has provided the projects with technical, financial, and gender inclusion expertise to help ready them for investment. The third cohort of projects marks a significant milestone in the UK’s efforts to bolster Pakistan’s environmental sustainability and climate resilience.
Designed to combat the intensifying challenges of climate change, these projects will be presented to a distinguished panel of investors from financial institutions, venture capitals, corporates, and key Government bodies during the two-day event.
The British Deputy High Commissioner, Sarah Mooney, underscored the UK’s commitment to addressing climate change in Pakistan. She said, “Pakistan is on the front lines of the climate crisis. There is an urgent need for sustainable solutions to help Pakistan adapt to climate change and mitigate against it. Finance is essential to achieve this. We are unlocking investment opportunities through innovative projects to drive long-term, positive change in Pakistan and globally.”
Secretary Ministry of Climate Change – Ms. Aisha Humera while addressing the gathering, said, “We value the UK Government’s initiative, which emphasizes the importance of private sector involvement in Pakistan’s green transition. We’re excited to engage with innovative low-carbon projects led by visionary young entrepreneurs that will go a long way in achieving a sustainable future and lead to strong public-private partnerships, unlocking climate finance, and pursuing innovative solutions to combat climate change.”
James Naughton of DAI UK and Ian Milborrow of PwC UK spoke about the genesis of the global CFA program, the activities of CFA Pakistan since its 2022 launch, and the overall environment of climate financing in Pakistan. Khurram Lalani, CFA Pakistan Team Leader, highlighted the significance of this third cohort: “This cohort exemplifies the type of transformative change that is possible when we bring together innovative ideas, expert knowledge, and the right financial instruments. The CFA has been pivotal in helping these projects move closer to investment readiness. It goes beyond funding – it’s about building lasting partnerships and creating systems that address the climate crisis while fostering economic growth.”
The CFA Investor Roadshow fosters relationships between financial experts, investors, and project developers, with the goal of accelerating Pakistan’s transition to a low-carbon economy. Should these projects secure the necessary financing, they are poised to deliver significant benefits to communities nationwide, ranging from pollution abatement and job creation to enhanced access to clean energy, effective waste management solutions, and the promotion of gender equality and social inclusion.
The event will continue on Friday October 18 with a high-level roundtable bringing together policymakers, climate finance experts, and representatives from banking, corporate, and development sectors. The discussion – “De-risking Climate Projects: Tools and Strategies” – will consider the future of climate finance and low-carbon projects in Pakistan.
The Climate Finance Accelerator (CFA) is a £11.8 million four-year technical assistance program funded by International Climate Finance (ICF), through the UK Government’s Department of Energy Security and Net Zero (DESNZ). The CFA is implemented in ten countries (Colombia, Egypt, Mexico, Nigeria, Pakistan, Peru, South Africa, Türkiye, Uganda and Viet Nam) and is working to develop a sustainable pipeline of bankable, low carbon projects in each country. The CFA is part of the UK’s efforts to support climate action on a global scale, facilitating access to finance and helping governments achieve climate targets under the Paris Agreement.
DAI is a leading global development company. Since 1970, DAI has worked in more than 150 countries- from stable societies and high-growth economies to challenging environments. (PR)
Read: VANISHING WATERBODIES OF SINDH
________________
