ISLAMABAD: The National Rural Support Programme (NRSP) proudly announces the launch of its USD 50 million Climaventures Programme.
NRSP has also acknowledged the role of the Government of Pakistan and the Ministry of Climate Change and Environmental Coordination for their unwavering support.
The Green Climate Fund commits $ 25 million to Climaventures at its 40th Board Meeting held in Korea. Henry Gonzalez, Chief Investment Officer of the Green Climate Fund (GCF), said: ‘’We are proud to support Climaventures, a pioneering initiative that develops homegrown climate solutions by leveraging Pakistan’s growing start-up ecosystem.
The project aims to demonstrate that local climate needs can be met affordably, with strong demand for climate products and services, while offering investors financial returns on climate impact.’’
Climaventures is poised to be a groundbreaking initiative designed to kick start Pakistan’s climate startups ecosystem and accelerate Pakistan’s transition towards a low-carbon, climate-resilient economy.
Nauman Bashir Bhatti, Pakistani Board Member of the GCF said, “I congratulate NRSP for the approval of the project.
Although this is Pakistan’s 9th project for which the GCF Board has approved funding, it is the first indigenously conceived and designed equity project from Pakistan’s direct access entity aimed at mobilizing domestic private sector for climate action in Pakistan.’’
Venture Accelerator, the foundational component with a size of $ 10 million, will provide financial and technical support to ideation-stage climate-focused businesses, helping them develop and scale their climate products.
The Climaventures Fund, a first-of-its-kind USD 40 million equity fund with a USD 15 million first losscovering anchor commitment from the GCF, will provide the much needed financial and strategic support to Pakistan-based early-stage climate ventures, fostering the development of scalable climate solutions across the country.
Sarmayacar, the first financial institution to introduce the venture capital asset-class in Pakistan, has been entrusted with managing the fund.
Copyright Business Recorder, 2024