SAP047

Climaventures: Harnessing the Domestic Private Sector Ecosystem for Climate Action in Pakistan

Climaventures: Harnessing the Domestic Private Sector Ecosystem for Climate Action in Pakistan

Pakistan is highly vulnerable to the impacts of climate change, particularly droughts and floods. The country’s Nationally Determined Contribution outlines an ambitious target for renewable energy, while its National Adaptation Plan focuses on agriculture, water resources, health and disaster risk reduction.

As the first GCF-funded project from the National Rural Support Programme (NRSP), it focuses on developing local homegrown climate solutions by harnessing Pakistan’s dynamic and growing start-up ecosystem. It aims to kick-start the domestic market for innovative climate solutions, comprising grant financing for ideation-stage climate ventures and equity investment in scalable ventures. The approach represents a viable long-term alternative to local public sector funding, which is constrained by high indebtedness. 

GCF will fund a venture accelerator to offer grants and expert guidance to up to 100 start-ups at the ideation stage. GCF will also make a USD 15 million first-loss equity commitment as an anchor investor into the USD 40 million Climaventures Fund, which targets investment in ready-for-investment climate ventures and promising ventures from the venture accelerator.

Total project value

 

Tonnes of emissions avoided

 

Beneficiaries

 

Direct
3,772,597
Indirect
2,127,000
Theme

Cross-cutting

Result areas

Project timeline

Pipeline

29 May 2023 - 515 days

Concept note received

29 May 2023

Funding proposal received

12 Dec 2023

Cleared by GCF Secretariat

26 Apr 2024

Cleared by iTAP

30 Sep 2024

Approved

24 Oct 2024 - 8 days so far

Approved by GCF Board

24 Oct 2024

Under implementation

To be completed

One region

  • Asia-Pacific

One country

USD  
  • Financing
    • Private sector
    • Public sector
  • Size
    • Micro
    • Small
    • Medium
    • Large

GCF financing

InstrumentAmount
GrantUSD 5,000,000
GrantUSD 5,000,000
EquityUSD 15,000,000
Total GCF Financing
USD 25,000,000

Co-financing

Co-financerInstrumentAmount
Co-FinancingEquityUSD 10,000,000
Co-FinancingEquityUSD 15,000,000
Total Co-Financing
USD 25,000,000

GCF Contacts

General media inquiries

GCF Communications
Send e-mail

Request for information

GCF Information Disclosure
Request information about this project

Project complaints and grievances

GCF Independent Redress Mechanism (IRM)
Phone +82 32 458 6186 (KST)
File a complaint

Integrity issues

GCF Independent Integrity Unity (IIU)
Phone +82 32 458 6714 (KST)
Send e-mail

Entity

National Rural Support Programme (Pakistan)
Mr. Ghaffar Paras
Primary

Deputy Programme Manager
Phone +92-5-1282-2319
ghaffar.paras@nrsp.org.pk
Mr. Muhammad Tahir Waqar
Secondary

Senior Programme Manager
Phone +92-5-1282-2319
muhammad.waqar@nrsp.org.pk
More contacts

National Designated Authority

Pakistan
Ministry of Climate Change and Environmental Coordination
Mr. Zulfiqar Younas Primary
Additional Secretary I
2nd Floor, Ministry of Climate Change and Environmental Coordination, LG&RD Complex, G-5/2, Islamabad, Pakistan