ISLAMABAD, Nov 1 (APP): The UK has announced that seven innovative low-carbon projects from across Pakistan will be part of the first cohort of projects for the Climate Finance Accelerator (CFA), Pakistan.
The chosen projects, selected from over 50 applications, were from the energy, transportation, Agriculture, Forestry and other Land Uses (AFOLU), waste, e-mobility, and industrial and manufacturing sectors, said a news release of the British High Commission in Pakistan on Tuesday.
The projects will receive tailored support ahead of an event in February 2023.
The support includes individual needs assessment discussions and analysis of each of the projects from a financial, technical, gender equality and social inclusion perspective, to ensure they are in the best position to attract investment.
These projects have the potential to benefit communities across Pakistan through pollution abatement, employment opportunities, access to energy, effective waste management, e-mobility, and by supporting gender equality and social inclusion efforts.
The CFA is part of the UK Government’s efforts to help Pakistan in accessing climate finance and meeting the priorities set out in its Nationally Determined Contribution under the Paris Agreement.
This work comes alongside the provision of UK humanitarian support to Pakistan following the recent devastating floods that have killed over a thousand people and affected more than 33 million.
During the visit to Pakistan last month, FCDO Minister Lord (Tariq) Ahmad of Wimbledon announced a further £10 million of humanitarian aid, bringing the UK Government’s total contribution to £26.5 million. This uplift in funding comes after the British public raised over £30m in donations via a Disaster Emergency Committee appeal and the UK’s Ministry of Defence gifted in-kind life-saving equipment.
British High Commission Development Director, Jo Moir, said, “Businesses are playing a vital role in tackling the climate emergency in Pakistan, as we have seen in the response to the devastating floods. The UK is committed to assisting innovative and exciting low-carbon projects joining CFA Pakistan and building Pakistan’s climate resilience. “We are Ek Saath against climate change.”
Khurram Lalani, Team Leader from DAI said, “We are delighted to launch the first cohort of the Climate Finance Accelerator, which aims to catalyse private finance and investments in projects that are vital to Pakistan’s green economy success; in renewable energy, electric transport, and sustainable housing. I am sure the support provided through CFA will enable these projects to make scalable and groundbreaking products for our collective greener future.”
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