UK’s Climate Finance Accelerator is Now Accepting Proposals for Low Carbon Projects in Pakistan

London: The Climate Finance Accelerator (CFA) program officially opened Phase 2 in Pakistan and is seeking investment proposals for low-carbon projects that will address climate change in Pakistan.

The UK Government-funded CFA program will assist selected projects in strengthening their proposals and attracting funding from both domestic and international investors.

The highly anticipated launch took place on July 7, 2023, at Marriott Hotel in Islamabad, 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.

Projects are expected to be selected from the energy, water, smart agriculture, clean transport, waste, forestry and circular economy sectors.

During the first phase of CFA Pakistan in 2022, seven projects, with approximately $40 million investment value, received four months of technical and financial training. Direct discussions with local and international investors were also made possible, with many of them now advancing to investment decisions.

While opening the event, the Country Director of DAI, Arsalan Ali stated:

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.

Later, Ms. Jo Moir, Development Director of the British High Commission Islamabad) 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.

Through the Climate Finance Accelerator programme, the UK is helping Pakistan to deliver its ambitions for a just transition to a low carbon economy. After the success of the first phase, CFA Phase 2 in Pakistan, will build partnerships between projects, the financial community, and policymakers to help attract investment in Pakistan’s green economy.

Federal Minister of Climate Change, Sherry Rehman provided the keynote address. Minister Rehman emphasized the importance of implementing climate policies that drive sustainable development and outline the government’s vision for a resilient and climate-conscious Pakistan.