ISLAMABAD: The Climate Finance Accelerator (CFA) will include seven creative low-carbon projects from across Pakistan in its first cohort of projects, the UK said on Wednesday, according to the British High Commission in this country.
The chosen projects come from the energy, transportation, AFOLU (agricultural, forestry and other land uses), trash, e-mobility, industrial and manufacturing sectors. They were chosen from more than 50 proposals.
Prior to a function in February 2023, the initiatives will get specialised support. In order to guarantee that the projects are in the best possible position to attract investment, the support includes specific needs assessment talks and analysis of each project from a financial, technical, gender equality, and social inclusion viewpoint.
According to a statement from the British High Commission, these projects
“have the potential to benefit communities across Pakistan through pollution abatement, employment opportunities, access to energy, effective waste management, e-mobility, and by supporting gender equality and social inclusion efforts.”
According to the statement, the CFA is a component of the UK government’s initiatives to support Pakistan in gaining access to climate finance and achieving the goals outlined in its Nationally Determined Contribution under the Paris Agreement. It was also noted that this work coincides with the UK government’s efforts to provide Pakistan with humanitarian aid following the devastating floods that have killed more than 1,000 people and affected more than 33 million.
It continued that FCDO Minister Lord (Tariq) Ahmad of Wimbledon announced a further £10 million in humanitarian help during his visit to Pakistan last month, bringing the UK government’s overall contribution to £26.5 million. According to the report, the increase in financing followed a Disaster Emergency Committee appeal that garnered almost £30 million in donations from the British people and a gift of in-kind lifesaving equipment from the UK Ministry of Defence.
“As we have seen in the response to the disastrous floods, businesses are playing a crucial role in addressing the climate catastrophe in Pakistan. The UK is dedicated to supporting cutting-edge, exciting low-carbon projects that will strengthen Pakistan’s resiliency to climate change. The British High Commission Development Director, Jo Moir, was reported by the High Commission as saying, “We are ‘eksaath’ against climate change.
“Today, we are delighted to launch the first cohort of the Climate Finance Accelerator, which seeks to catalyse private finance and investments in projects that are essential to Pakistan’s success in the green economy, including renewable energy, electric transportation, and sustainable housing,”
said Khurram Lalani, Team Leader from DAI. I have no doubt that the support given by CFA will enable these ventures to produce marketable and ground-breaking goods for our shared greener future.
ACT Engineering Services (ACTES), which offers standardised solar solutions to home and commercial clients, is one of the CFA projects. In an effort to expand solar energy options in Pakistan, it was revealed that the company has already installed 6 MW of distributed solar across the country and plans to implement an additional 20 MW of industrial and commercial solar projects with CFA support.
Digital Agriculture Republic’s Dera: It is the first climate-smart village community network in Pakistan and its goal is to provide internet access to all of Pakistan’s isolated rural communities and villages. Additionally, it will provide free access to climate-smart digital agriculture to smallholder farmers.
Looping Concept: Through this project, plastic trash from landfills and oceans will be converted into durable and reasonably priced building materials and lifestyle goods. The company will collect and process waste plastic to create bricks, partition boards, ornamental sheets, and furniture with additional value.
Daewoo: The country’s leading provider of transportation services, Daewoo Pakistan Express Bus Service Limited, plans to introduce electric 2-3 wheelers and electric buses. The e-mobility programme will assist the Pakistani government in achieving its NDC-set goal of having 30 percent of the nation’s automobiles be electric by 2030.
DISAGREE: The use of a digital logistics platform to streamline the reporting of road freight emissions throughout the supply chain. This makes road freight emissions visible and enables companies to take responsibility for each and every ton-kilometer that their vehicles travel.
The Used Polyethylene Terephthalate (PET) Bottle project, which serves the high-end market, is in line with the circularity and neutrality goals of ouroboros waste management. The current commercial opportunity involves converting 25,000 MT of used PET into polyester yarn or food-grade recycled PET while involving the underutilised informal sector and educating women in semi-urban areas.
Shams Power Limited: Using a solar pay-as-you-go approach, Shams Power has pioneered the idea of distributed solar power generation for industry and commerce. 150 MW of distributive solar energy plants will be installed as part of this project at various commercial and industrial locations around Pakistan.
Through accessible financing options for 150 MW of Distributed Solar Plants on numerous sites in Pakistan, these greenfield solar projects will aid industrial and commercial enterprises in making the switch to solar energy, according to the statement’s conclusion.
