Islamabad, Nov 9: Pakistan Unveils ‘Climaventures’ Initiative with $50 Million Investment to Drive Climate Innovation. Pakistan made a notable advancement in climate resilience and innovation with the introduction of Climaventures, a groundbreaking initiative spearheaded by the National Rural Support Programme (NRSP). Launched in Islamabad, this innovative $50 million Investment project aims to draw private investment into climate initiatives, representing the first of its nature in Pakistan.
The event attracted a varied audience, including government representatives, international dignitaries, and prominent members from organizations such as the Asian Development Bank (ADB), the International Finance Corporation (IFC), and the World Bank.
Collaborating with local investors, National Incubation Centers (NICs), and climate entrepreneurs, participants highlighted the program’s cooperative approach to addressing Pakistan’s urgent climate issues. With a primary funding commitment of $25 million from the Green Climate Fund (GCF), Climaventures intends to fill Pakistan’s funding void for sustainable solutions by providing technical support, grants, and equity to climate-oriented startups.
In his speech, NRSP CEO Dr. Rashid Bajwa emphasized the initiative’s potential to significantly lower the risks for climate startups, improving their opportunities for success and their ability to make an impact. Minister for Planning, Development, and Special Initiatives, Ahsan Iqbal, commended Climaventures’ “groundbreaking approach” in a video address, describing it as “crucial for enhancing our capital landscape.” He highlighted how such investments pave the way for innovation and mobilization of the private sector in climate initiatives.
Development Director of the British High Commission, Jo Moir, praised Climaventures as a critical achievement for directing international climate finance into Pakistan, emphasizing the need for private sector involvement to close the country’s climate finance gap.
Supported by the Ministry of Climate Change and Environment Coordination (MoCC&EC), Climaventures reflects a collective commitment from both public and private sectors. The program will utilize “first-loss equity” and long-term investment support, aiding in risk reduction and attracting additional funding for climate-focused solutions throughout Pakistan.
