ISLAMABAD: The UK Climate Finance Accelerator Pakistan (CFA) is inviting applications from low-carbon projects helping to combat climate change. Funded by the UK Government, the CFA provides one-on-one specialist support including on financial, gender equality and social inclusion issues. The aim is to strengthen proposals, making them more attractive to investors to secure funding.
The CFA Pakistan initiative is seeking proposals at least in the pre-feasibility stage, with a minimum investment requirement of $4 million USD. Interested parties are encouraged to submit their proposals by May 31, 2024, through an online application process available on the CFA Pakistan website. The support provided encompasses refining financial models, guidance on investor presentations, and strategies to integrate gender equality and social inclusion (GESI) within project frameworks.
British High Commissioner, Jane Marriott CMG OBE, said, “Pakistan is home to world-class innovators finding creative solutions to tackle climate change. However, we know that access to finance and compliance with regulation can be a barrier to getting projects off the ground. The UK Climate Finance Accelerator empowers low-carbon innovators through specialized expertise that is crucial for their long-term business success.”
The Climate Finance Accelerator (CFA) constitutes a £12 million technical assistance program underwritten by the UK Government’s Department for Energy Security and Net Zero. Announced alongside is a commitment of up to £40 million to extend the CFA program until 2029, aiming to support approximately 800 low-carbon projects across Asia, Latin America, and Africa.
CFA Pakistan has already concluded two cohorts, providing crucial support to diverse projects including Daewoo’s endeavor to introduce electric buses and e-rickshaws, National Foods’ pursuit of sustainable greenhouse tomato farming, Shams Power’s ambition to implement solar energy plants, and PACT Capital’s initiative to expand forest cover on 10,000 hectares of land.
The CFA’s track record includes aiding fifteen low-carbon projects in raising a substantial sum of at least $75 million. The global technical assistance programme is implemented in ten countries, including Colombia, Mexico, Nigeria, Egypt, Pakistan, South Africa, Türkiye, Peru, Uganda, and Vietnam.
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