The United Kingdom has announced that seven inventive low-carbon projects from across Pakistan will be part of the Climate Finance Accelerator (CFA) Pakistan’s first project.
The Climate Finance Accelerator (CFA) was launched on July 29 in Islamabad to address the difficulties of attracting climate finance to the areas where it is most required. The CFA aimed to fulfill its Nationally Determined Contribution (NDC) guaranteed under the Paris Agreement to deliver emissions reductions and raise its overall climate ambition by bringing together project developers and financial experts capable of developing and financing large-scale climate projects.
The initiatives chosen for the first project from 50 applications are from the energy, transportation, AFOLU (agriculture, forestry, and other land use), waste, e-mobility, and industrial and manufacturing sectors.
The first CFA projects are ACT Engineering Services which aims to scale up solar energy solution in Pakistan with the help of CFA.
It also includes Digital Dera by Agriculture Republic to develop the first climate-smart village community network.
The project Concept Loop aims to divert plastic waste from the oceans and landfills and convert it into environmentally friendly and cost-effective building materials and lifestyle products
Daewoo Pakistan Express Bus Service Limited intends to launch electric 2-3 wheelers and electric buses in Pakistan.
DISIDE aims to simplify road freight emissions whereas, Ouroboros Waste Management and Shams Power Limited aim to train women in semi-urban areas and distributed solar power generation to industry and commerce using a solar pay-as-you-go model respectively.
That aims to scale up solar energy solutions in Pakistan with the help of CFA.
All the projects will be given technical, financial, social, and gender equality support before its event on February 2023. Foreign, Commonwealth and Development Office FCDO Minister Lord (Tariq) Ahmad of Wimbledon confirmed a further £10 million in humanitarian assistance during his trip to Pakistan last month following floods, bringing the UK Government’s cumulative total to £26.5 million.
Khurram Lalani, Team Leader from DAI said, “Today, we are delighted to launch the first cohort of the Climate Finance Accelerator, which aims to catalyze private finance and investments in projects that are vital to Pakistan’s green economy success; in renewable energy, electric transport, and sustainable housing.”
The Climate Finance Accelerator (CFA) is an assistance program funded by International Climate Finance (ICF) and administered by the UK Government’s Department for Business, Energy, and Industrial Strategy (BEIS). The CFA is being applied in eight countries (Colombia, Egypt, Mexico, Nigeria, Pakistan, Peru, South Africa, and Turkey), and each country is working to create a sustainable pipeline of bankable, low-carbon projects.
