In Pakistan, the Climate Finance Accelerator program has officially begun Phase 2 and is looking for investment proposals for low-carbon initiatives that will combat climate change.
In Pakistan, the Climate Finance Accelerator (CFA) program has officially begun Phase 2 and is looking for investment proposals for low-carbon initiatives that will combat climate change.
Selected projects will receive assistance from the UK Government-funded Climate Finance Accelerator program in improving their proposals and securing funding from both domestic and foreign investors.
The eagerly awaited launch of the CFA Pakistan Phase 2 took place on July 7, 2023, at the Marriott Hotel in Islamabad. Project developers were invited to participate and gain access to the program’s technical and capacity support at the event.
Projects from the energy, water, smart agriculture, clean transport, waste, forestry, and circular economy sectors are anticipated to be chosen.
Seven projects with an estimated $40 million investment value received four months of technical and financial training during the first phase of CFA Pakistan in 2022. It was also made possible to have direct discussions with local and foreign investors, many of whom have since made investment decisions.
Arsalan Ali, DAI Country Director, emphasized the importance of mobilizing private finance for Pakistan’s climate commitments in the National Energy Generation Plan and Nationally Determined Contribution.
The UK’s commitment to Climate Finance in Pakistan was emphasised by Ms. Jo Moir, Development Director of the British High Commission in Islamabad, who also emphasised the importance of international cooperation in the fight against climate change and the advancement of a more sustainable future.
The Climate Finance Accelerator programme helps Pakistan move towards a low-carbon economy, and CFA Phase 2 seeks to create alliances between initiatives, the financial sector, and decision-makers to draw capital to Pakistan’s green economy.
The keynote address was given by the federal minister of climate change. In addition to outlining the government’s vision for a resilient and climate-conscious Pakistan, Minister Rehman emphasised the importance of implementing climate policies that promote sustainable development.
Two insightful roundtable discussions featuring country representatives and CEOs explored methods for creating a climate-resilient Pakistan by unleashing private investments and identifying innovative methods of climate mitigation. Talat Hussain, a media anchor, moderated these discussions.
The Climate Finance Accelerator Pakistan’s Team Lead, Khurram Lalani, emphasised the application process and expressed confidence in the program’s capacity to support future initiatives. An important step towards supporting Pakistan’s green economy has been taken with the launch of the second cohort.
The Climate Finance Alliance (CFA) supports climate projects to increase their bankability and appeal to financiers through a practical and deal-oriented programme. According to Lalani, CFA’s assistance will enable these projects to produce scaleable solutions for a shared greener future.
Who should apply?
Project developers with a business plan that will produce financially viable returns using concepts that have already been approved. They ought to be in the pre-feasibility stage of development and contain clear elements of scalability (especially if above Rs. 10 million).
Projects should demonstrate a positive social impact, advance gender equality, and promote social inclusion (GESI).
Why apply?
The CFA offers a range of capacity-building support to assist climate mitigation projects in accessing finance.
By engaging with the CFA program, project developers can benefit from:
Access to investors
Coaching and best practice insights
Networking opportunities
Increased visibility amongst a range of stakeholders
Support in achieving low-carbon objectives
When to apply?
Applications for climate projects seeking assistance in obtaining financing through CFA Pakistan Phase 2 are accepted until August 18, 2023. Visit www.cfapakistan.com to apply now. Register with Pakistan for the Q&A Webinar on July 11th, 2023 at climatefinanceaccelerator.co.uk.
The Department of Energy Security and Net Zero of the UK Government administers the £11.8 million technical assistance programme known as the Climate Finance Accelerator (CFA) (DESNZ).
The CFA is active in nine nations: Colombia, Egypt, Mexico, Nigeria, Pakistan, Peru, South Africa, Türkiye, and Viet Nam. In each of these nations, the CFA is working to build a sustainable pipeline of bankable, low-carbon projects.
The CFA is a component of the UK’s initiatives to support global climate action, making it easier for governments to access financing and meet their climate targets under the Paris Agreement.
Delivering the global CFA programme in partnership with Ricardo is PwC UK. In Pakistan, DAI implements CFA. Visit CFA’s LinkedIn page to learn more about the global CFA programme.