Pakistan home to world-class innovators: British envoy

Source: The Nation

ISLAMABAD - British High Commissioner Jane Marriott remarked yesterday that Pakistan boasts world-class innovators. The UK Climate Finance Accelerator Pakistan (CFA) is inviting applications from low-carbon projects aimed at combatting climate change. Funded by the UK Government, CFA provides specialised one-on-one support, including guidance on financial, gender equality, and social inclusion issues. The goal is to enhance proposals, making them more appealing to investors and securing funding. Jane Marriott stated, "Pakistan is home to world-class innovators who are finding creative solutions to tackle climate change. However, we recognise that access to finance and compliance with regulations can hinder project initiation. The UK Climate Finance Accelerator empowers low-carbon innovators through specialised expertise crucial for their long-term business success." The Climate Finance Accelerator (CFA) is a £12 million technical assistance program funded by the UK Government's Department for Energy Security and Net Zero. The UK government has announced up to £40 million to extend the CFA program from late 2024 until 2029. This extension will support up to 800 low-carbon projects across Asia, Latin America, and Africa. CFA Pakistan has completed two cohorts, providing support to Daewoo, hoping to add 200 electric buses and 15,000 e-rickshaws to their fleet; National Foods, aiming for sustainable greenhouse tomato farming locally to reduce import costs; Shams Power, with ambitions to implement 150MW of solar energy plants at multiple sites across Pakistan.

; and PACT Capital, aiming to increase forest cover on 10,000 hectares of land.

CFA has assisted fifteen low-carbon projects aiming to raise at least $75 million.

The global technical assistance program is implemented in ten countries, including Colombia, Egypt, Mexico, Nigeria, Pakistan, Peru, South Africa, Turkey, Uganda, and Vietnam.