In a significant step towards addressing climate change, the Pakistani government, led by the National Rural Support Programme (NRSP), launched Climaventures on Friday. This initiative aims to catalyze capital for local climate-tech startups and foster innovation in climate resilience.
Pakistan, ranked among the 15 countries with the highest disaster risk, has been grappling with the severe impacts of climate change. Devastating floods in 2022 underscored the urgent need for sustainable solutions.
NRSP CEO Dr. Rashid Bajwa highlighted the initiative’s
“Potential to reduce risks for climate startups, enhancing their chances of success and capacity for impact”
Climaventures, with a core $25 million funding commitment from the Green Climate Fund (GCF), seeks to address Pakistan’s funding gaps for sustainable solutions by offering technical guidance, grants, and equity to climate-focused startups.
The initiative aims to attract private investment in climate ventures, leveraging the expertise of local investors, National Incubation Centers (NICs), and climate entrepreneurs. The collaborative approach brings together government officials, foreign dignitaries, and key figures from organizations like the Asian Development Bank (ADB), the International Finance Corporation (IFC), and the World Bank.
Planning Minister Ahsan Iqbal praised Climaventures as a “pivotal” step in enhancing Pakistan’s capital landscape and mobilizing private sector involvement in climate efforts. Jo Moir, Development Director of the British High Commission, highlighted the initiative’s role in channeling international climate finance and bridging the country’s climate finance gap.
By reducing risks for climate startups and providing long-term investment support, Climaventures is poised to drive innovation and accelerate the development of sustainable solutions in Pakistan.
