ISLAMABAD – Climate Finance Accelerator (CFA) program has entered Phase 2 in Pakistan, seeking investment proposals for low-carbon projects that were aimed at addressing climate change.
CFA, funded by the British Government, is looking to assist selected projects in strengthening their proposals and attracting funding from domestic and international investors.
The launch of Phase 2 occurred on July 7 at Islamabad’s Marriott Hotel, where the ‘Call for Proposals’ for the CFA Pakistan Phase 2 was unveiled, inviting project developers to participate and benefit from the program’s technical and capacity assistance.
CFA is looking to pick proposals related to energy, water, smart agriculture, clean transport, waste, forestry and circular economy sectors.
📢 We have an exciting green finance opportunity! Round 2 of the UK's Climate Finance Accelerator is now open. It’s welcoming proposals until 18 August for projects that require at least $4 million.
To apply: https://t.co/XqBN8eSB9r pic.twitter.com/QXL1NfO4xH
— UK in Pakistan 🇬🇧🇵🇰 (@ukinpakistan) July 7, 2023
Seven projects, with approximately $40 million investment value, received four months of technical and financial training in the first phase of CFA Pakistan last year. Direct discussions with local and international investors were also made possible, with many of them now advancing to investment decisions.
Country Director of DAI, Arsalan Ali, in a statement, said “Mobilizing in private finance on a large scale is critical to delivering Pakistan’s ambitious climate commitments communicated in the National Energy Generation Plan and Nationally Determined Contribution”.
Development Director of British High Commission Islamabad Ms. Jo Moir, shared FCDO’s commitment to Climate Finance in Pakistan, highlighting the importance of international collaboration in addressing climate change and ensuring a greener future for all.
“It’s exciting to see that the Climate Finance Accelerator Pakistan is starting a new call for proposals to build on the success of its first phase. The CFA demonstrates the UK’s firm commitment to supporting efforts for climate resilience and adaptation in Pakistan. The CFA, as a catalytic public-private initiative, will build partnership between project developers, the financial community, and policymakers to help attract investment in Pakistan’s green economy” said Jo Moir.
Pakistan’s Federal Minister of Climate Change, Sherry Rehman provided the keynote address, and she emphasized the importance of implementing climate policies that drive sustainable development and outline the government’s vision for a resilient and climate-conscious Pakistan.
Two informative panel discussions with Country Reps and CEOs explored strategies to build climate-resilient Pakistan by unleashing private investments and discovering creative climate mitigation solutions. These discussions were moderated by the media anchor, Talat Hussain.
To conclude the event, Khurram Lalani, Team Lead of Climate Finance Accelerator Pakistan, explained the process for applying and expressed his confidence in the programme’s ability to enable projects for the future.
“The launch of the second cohort of the Climate Finance Accelerator marks a significant milestone in our mission to support Pakistan’s green economy,” said Khurram Lalani. “CFA is a practical and deal-oriented programme that supports climate projects to improve their bankability and appeal to financiers. Preparing projects that are attractive to investors in challenging. We believe that the support provided by the CFA will empower these projects to create scalable and groundbreaking solutions for a collective greener future.”
