Islamabad, Oct 24: Sarmayacar Rabeel Warraich, the company’s founder and CEO, has unveiled the $40 million Climaventures Fund, a ground-breaking program aimed at tackling Pakistan’s climate issues.
The Green Climate Fund, based in South Korea, has invested $15 million in the fund. In order to lower greenhouse gas emissions and prepare for the effects of climate change in Pakistan, this organization hopes to raise up to $40 million.
This is Pakistan’s first enterprise program solely focused on combating climate change. The program is a direct response to the nation’s growing climate-related challenges, including the devastating flash floods of 2022 that highlighted Pakistan’s susceptibility to natural disasters.
CEO Sarmayacar Rabeel Warraich said,
This initiative is about more than just capital. We believe that innovative, scalable climate solutions can drive Pakistan’s future, and our investors share that belief.
Their confidence in our ability to spark real change is ultimately a testament to the ingenuity and potential of our ecosystem.
While $50 million won’t solve all our climate challenges, we see this as the beginning—an essential catalyst for unlocking far greater investment and impact in the fight against climate change.
The CEO thanked NRSP, the Green Climate Fund, and other partners for their crucial assistance in initiating this significant step in the direction of a more sustainable Pakistan.
The fund will concentrate on agritech, recycling, water and waste treatment, e-mobility, and energy generation and transition.
According to Warraich, the fund hopes to draw in more funding from both local and foreign investors. Although $40 million is not enough to address Pakistan’s climate demands, he admits that the fund can act as a springboard to enable much greater investments for companies dealing with these issues.
