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.
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 - 40 days so far
Approved by GCF Board
24 Oct 2024
Under implementation
To be completed
-
Financing
- Private sector
- Public sector
-
Size
- Micro
- Small
- Medium
- Large
GCF financing
Instrument | Amount |
---|---|
Grant | USD 5,000,000 |
Grant | USD 5,000,000 |
Equity | USD 15,000,000 |
Total GCF Financing |
---|
USD 25,000,000 |
Co-financing
Co-financer | Instrument | Amount |
---|---|---|
Co-Financing | Equity | USD 10,000,000 |
Co-Financing | Equity | USD 15,000,000 |
Total Co-Financing |
---|
USD 25,000,000 |
GCF Contacts
General media inquiries
GCF CommunicationsSend e-mail
Request for information
GCF Information DisclosureRequest 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)
Senior Programme Manager
More contacts
National Designated Authority
Ministry of Climate Change and Environmental Coordination
Additional Secretary I
2nd Floor, Ministry of Climate Change and Environmental Coordination, LG&RD Complex, G-5/2, Islamabad, Pakistan