Islamabad, 3 November 2022 (TDI): The inaugural cohort of projects for the Climate Finance Accelerator (CFA) has been announced by the UK to include seven creative low-carbon projects from all around Pakistan.
According to a news release from the British High Commission in Pakistan on Tuesday, the projects that were chosen from more than 50 submissions came from the energy, transportation, agriculture, forestry, and other land uses (AFOLU), trash, e-mobility, industrial, and manufacturing sectors.
These initiatives have the potential to help communities throughout Pakistan by reducing pollution, creating jobs, increasing access to energy, managing waste effectively, promoting e-mobility, and assisting with initiatives to promote social inclusion and gender equality.
To guarantee that the projects are in the best possible position to attract investment, the support includes specific needs assessment talks and analysis of each project from a financial, technical, gender equality, and social inclusion viewpoint.
Tariq Ahmad of Wimbledon, FCDO Minister, announced a further £10 million in humanitarian help during the visit to Pakistan last month, bringing the UK Government’s total contribution to £26.5 million.
This increase in financing comes after the UK Ministry of Defence donated in-kind life-saving equipment and the British public donated over £30 million through a Disaster Emergency Committee appeal.
“Businesses are playing a critical part in tackling the climate emergency in Pakistan, as we have seen in the response to the disastrous floods,” British High Commission Development Director Jo Moir said.
The UK is dedicated to supporting cutting-edge and creative low-carbon initiatives that will strengthen CFA Pakistan’s climate resilience. “Ek Saath” is a group that opposes climate change.
The CFA is a component of the UK Government’s initiatives to assist Pakistan in gaining access to climate finance and achieving the objectives outlined in its Nationally Determined Contribution under the Paris Agreement.
Alongside this work, the UK is providing humanitarian aid to Pakistan in response to the recent catastrophic floods that have killed over a thousand people and affected more than 33 million people.
“We are excited to launch the first cohort of the Climate Finance Accelerator, which aims to catalyze private finance and investments in projects that are essential to Pakistan’s success in the green economy, such as renewable energy, electric transportation, and sustainable housing,” said Khurram Lalani, Team Leader from DAI.
I do not doubt that the support given by CFA will enable these ventures to produce marketable and ground-breaking goods for our shared greener future.
Climate Finance Accelerator
The CFA is a cutting-edge program of technical assistance with the goal of assisting nine middle-income nations in building a sustainable pipeline of bankable, low-carbon projects.
It accomplishes this by bringing together a broad range of stakeholders, such as project promoters and developers, banks and other financiers, and government representatives.
Workshops will be held by the CFA, which will also offer specialized advice and capacity building along the “climate finance supply chain” and support the implantation of a CFA governance mechanism in the target nations.
Workshops will be held in participant countries, including local capital market actors, and in London, offering a chance to exchange City of London expertise.