UK govt’s climate finance accelerator programme selects eight transformative projects in Pakistan

Islamabad:Eight innovative projects that contribute to climate change mitigation with strong adaptation co-benefits, have been selected to join the second phase of the UK’s Climate Finance Accelerator Pakistan, following a call for proposals that attracted 70 applications.

The projects were announced by the British High Commissioner, Jane Marriott, at an event held to mark King Charles's Birthday. The projects in the second CFA cohort come from a variety of sectors including transport, agriculture, forestry, waste management and technology. This follows a successful first round in 2022, where seven successful projects were provided with four months of capacity building before being introduced to investors.

The CFA Pakistan is a practical and deal-oriented programme that supports climate projects to improve their proposals and attract investment from Pakistan and international financiers. To ensure the projects are in the best position to generate investment, the selected projects will receive advice and support from a range of technical and financial experts to help them to improve their bankability and appeal to financiers.

Support for projects includes improving financial models, advice on pitching to investors and how to embed gender equality and social inclusion (supporting women and other disadvantaged communities) within their businesses. Following the capacity building and mentoring sessions, the projects meet with investors and financial institutions in 2024 in Pakistan.

If financed, the projects have the potential to transform communities across Pakistan by addressing critical issues such as pollution reduction, employment opportunities, efficient waste management, e-mobility, and fostering gender equality and social inclusion. Ms. Jane Marriott, Her Majesty's High Commissioner to Pakistan, said, “I’m delighted to announce these eight exciting projects at the start of their journey with CFA Pakistan. The projects in this second phase of CFA Pakistan are truly forward-looking, and the fact that they come from a wide range of industries, I am certain that 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)/ Arsalan Ali Faheem, Country Director from DAI, said “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."

The selected CFA projects are Davaam Life (Sector: Waste Management) - Davaam's refill station dispenses liquid products accurately, promoting safety and hygiene in waste reduction efforts. Electric Two Wheelers Project by Charged Vehicles Pvt. Ltd. (Sector: e-mobility): Locally assembled electric two-wheelers, will replace internal combustion engines, reducing carbon emissions, with a supporting app for convenient usage.

Afforestation & Reforestation Project Pakistan by Pact Capital (Sector: AFOLU) - Contributing to carbon capture and storage through fostering biodiversity, sustainable land use practices and through 5,000 HA afforestation. Scaling-up use of AI-based Precision Farming amongst Rural Farmers in Pakistan by Food Security & Agriculture Centre of Excellence (FACE) (Sector: Agriculture) - Utilising agricultural drones for efficient pest management, higher yield, and responsible resource usage.

EcoDost by Nova Mobility Pvt. Ltd (Sector: e-mobility): Lightweight and fuel-free two/three wheelers, are locally assembled and are equipped with a Lithium Iron Phosphate battery, that ensures reliable and long-lasting power for sustainable transportation. Sustain Agro by National Foods Ltd. (Sector: Agriculture) - Employing solar photovoltaic technology to power farm equipment, including modern greenhouse vertical farming and precision agriculture techniques. Supply Chain Sustainability by AH-Bridgelinx Solutions Pvt. Ltd. (Sector: Technology) - Employing AI and machine learning to optimise road freight, reducing fuel consumption and emissions.