https://arab.news/mq79p
- Project seeks to attract private investment in climate-tech ventures
- Initiative is backed by $25 million commitment from Green Climate Fund
ISLAMABAD: The Pakistan government has launched Climaventures, an initiative led by the National Rural Support Programme (NRSP) under which it will provide $50 million in assistance to climate-tech startups, Radio Pakistan reported on Wednesday.
Pakistan is ranked the 5th most vulnerable country to climate change, according to the Global Climate Risk Index. In 2022, devastating floods killed over 1,700 people and affected over 33 million, with economic losses exceeding $30 billion.
“Under this project, an investment of fifty million dollars will be made … aimed at providing technical guidance, grants and equity to climate startups," said Radio Pakistan, reporting on the Climaventures initiative.
“This project will increase private sector investment to deal with climate related challenges in Pakistan.”
In a video posted on X last week by NRSP, Georges Sander, a climate investment specialist, said Climaventures was exciting as it supported “local entrepreneurs […] develop local solutions for local climate problems”.
The $50 million project is designed to attract private investment in climate ventures, NRSP said.
With a core $25m funding commitment from the Green Climate Fund (GCF), Climaventures says it aims to address Pakistan’s funding gaps for sustainable solutions by offering technical guidance, grants and equity for climate-focused startups.
It is the first initiative of its kind in Pakistan and brings together key stakeholders, including government officials, international organizations like the World Bank and ADB, and climate entrepreneurs.