ISLAMABAD: The UK Government’s Climate Finance Accelerator (CFA) programme has selected eight groundbreaking projects in Pakistan for its second phase, aiming to address climate change while fostering adaptation co-benefits. The announcement was made by the British High Commissioner, Jane Marriott, during an event held to mark King Charles’s Birthday.
The diverse projects in the second CFA cohort span sectors such as transport, agriculture, forestry, waste management, and technology. Following a successful first round in 2022, where seven projects underwent four months of capacity building before engaging with investors, the CFA Pakistan continues as a practical and deal-oriented initiative supporting climate projects.
The selected projects will receive guidance and support from technical and financial experts to enhance their bankability and appeal to financiers. This assistance includes refining financial models, pitching to investors, and incorporating gender equality and social inclusion into their businesses.
UK envoy Jane Marriott expressed her enthusiasm, stating, “The projects in this second phase of CFA Pakistan are truly forward-looking, and the support provided by the CFA will help them move closer to finding investment. I am looking forward to following their progress over the next few months.”
Khurram Lalani, Team Leader (CFA), and Arsalan Ali Faheem, Country Director from DAI, noted, “The Climate Finance Accelerator is a game-changer, fostering innovation and preparing us for a sustainable future. As we launch our second cohort, the excitement is palpable. The journey ahead is set to be as incredible as the first, empowering us to take on climate change with unwavering determination.”
Selected CFA Projects:
- Davaam Life (Waste Management): Davaam’s refill station promotes safety and hygiene in waste reduction efforts.
- Electric Two Wheelers Project by Charged Vehicles Pvt. Ltd. (e-mobility): Locally assembled electric two-wheelers aim to replace internal combustion engines, reducing carbon emissions.
- Afforestation & Reforestation Project Pakistan by Pact Capital (AFOLU): Contributing to carbon capture and storage through biodiversity and sustainable land use practices.
- Scaling-up use of AI-based Precision Farming amongst Rural Farmers in Pakistan by Food Security & Agriculture Center of Excellence (FACE) (Agriculture): Utilizing agricultural drones for efficient pest management and responsible resource usage.
- EcoDost by Nova Mobility Pvt. Ltd (e-mobility): Lightweight and fuel-free two/three-wheelers, locally assembled with a focus on sustainable transportation.
- Sustain Agro by National Foods Ltd. (Agriculture): Employing solar photovoltaic technology to power farm equipment, including modern greenhouse vertical farming.
- Supply Chain Sustainability by AH-Bridgelinx Solutions Pvt. Ltd. (Technology): Using AI and machine learning to optimize road freight, reducing fuel consumption and emissions.
- Orko Pvt. Ltd. (e-mobility): Providing a connected vehicle solution for a better Electric Vehicles Ecosystem in Pakistan, combining technology domains such as automotive-grade firmware, IoT sensor connectivity, cloud, data architecture, and mobile app development.
These transformative projects, once financed, have the potential to make a significant impact on communities across Pakistan, addressing critical issues such as pollution reduction, employment opportunities, efficient waste management, e-mobility, and fostering gender equality and social inclusion.
