Islamabad: The UK’s Climate Finance Accelerator (CFA) is targeting low-carbon projects to help tackle climate change. Funded by the UK government, CFA provides specialist support on a range of issues including finance, gender equality and social inclusion. The aim is to strengthen the offer, making it more attractive for investors to secure funds.
CFA Pakistan is looking for projects that are at least technically feasible and require an investment of at least $4 million. Proposals should be submitted by 31 May 2024 by filling the online application form on the CFA Pakistan website. Project support includes advice on how to improve financial models, pitch to investors and incorporate gender equality and social inclusion (GESI) into their operations.
British High Commissioner Jane Marriott CMG OBE:
But we know that financing and regulatory compliance can be obstacles to the implementation of projects that are critical to long-term success.”
The UK government has announced up to €40 million to extend the CFA program from the end of 2024 to 2029. It will support up to 800 low-carbon projects in 16 countries in Asia, Latin America and Africa.
CFA Pakistan has successfully completed two grants:
Daewoo hopes to add 200 electric buses and 15,000 e-rickshaws to its fleet;
National Foods aims to grow local greenhouse tomatoes to save import costs;
Shams Power, which intends to implement a 150 MW solar power plant in another part of Pakistan; and
PACT Capital, which wants to increase the forest cover on 10,000 hectares.
CFA has supported 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.
