ISLAMABAD: Pakistan made a significant stride toward climate resilience and innovation with the launch of the groundbreaking Climaventures project by the National Rural Support Program (NRSP).
This historic $50 million initiative, the first of its type in Pakistan, was unveiled in Islamabad with the aim of attracting private investment in climate enterprises.
Government officials, international dignitaries, and prominent leaders from organizations such as the World Bank, the Asian Development Bank (ADB), and the International Finance Corporation (IFC) were among the various attendees at the event.
The program’s collaborative approach to tackling Pakistan’s severe climate concerns was highlighted by delegates, who included local investors, National Incubation Centres (NICs), and climate entrepreneurs.
Climaventures Secures $25M for Climate Startups
Climaventures is an initiative with a primary $25 million financing commitment from the Green Climate Fund (GCF). Its goal is to help climate-focused entrepreneurs in Pakistan by providing them with technical advice, grants, and equity.
The project has the ability to greatly lessen risks for climate entrepreneurs, increasing their chances of success and impact, according to NRSP CEO Dr. Rashid Bajwa.
In a video speech, Ahsan Iqbal, the Minister for Planning, Development, and Special Initiatives, lauded Climaventures’ “groundbreaking approach,” describing it as “pivotal for enhancing our capital landscape.” He stressed the importance of these investments in paving the way for climate innovation and private sector mobilization.
Jo Moir, development director at the British High Commission, praised Climaventures as an important turning point in Pakistan’s efforts to attract international climate funding and raised the profile of the private sector’s role in helping to close the carbon funding gap.
Climaventures showcases a synergy between the public and commercial sectors, with support from the Ministry of Climate Change and Environment Coordination (MoCC&EC). For climate-driven solutions in Pakistan, the initiative will use “first-loss equity” and long-term investment assistance to lower risks and increase funding.
