Climaventures: Pakistan’s $50M Push to Foster Climate Startups
APP
Islamabad: Pakistan has launched Climaventures, a groundbreaking $50 million initiative aimed at boosting climate resilience and innovation in the country.
Led by the National Rural Support Programme (NRSP), the project is designed to attract private investment in climate ventures, making it the first of its kind in Pakistan.
The launch event, held in Islamabad, was attended by government officials, foreign dignitaries, and representatives from organizations such as the Asian Development Bank (ADB), the International Finance Corporation (IFC), and the World Bank.
The initiative brings together local investors, National Incubation Centers (NICs), and climate entrepreneurs to collaboratively tackle Pakistan’s pressing climate challenges.
With $25 million in funding from the Green Climate Fund (GCF), Climaventures seeks to address critical funding gaps for sustainable solutions by providing technical guidance, grants, and equity to climate-focused startups.
In his address, NRSP CEO Dr Rashid Bajwa emphasized the initiative’s potential to reduce risks for climate startups, enhancing their chances of success and increasing their capacity to make a significant impact.
Minister for Planning, Development, and Special Initiatives, Ahsan Iqbal, praised Climaventures for its “groundbreaking approach” and described it as pivotal for enhancing Pakistan’s capital landscape.
He stressed that such investments would pave the way for innovation and mobilize private sector support for climate efforts.
Jo Moir, Development Director at the British High Commission, commended the program as a crucial step in channeling international climate finance into Pakistan. She highlighted the need for private sector involvement to bridge the country’s climate finance gap.
Backed by the Ministry of Climate Change and Environment Coordination (MoCC&EC), Climaventures demonstrates a strong public-private sector commitment to addressing climate change.
The program will employ “first-loss equity” and long-term investment support to reduce risks and attract additional funding for climate-driven solutions across Pakistan.
