ISLAMABAD, November 04, (INP-WealthPK): Seven innovative projects from across Pakistan have been selected for the UK’s Climate Finance Accelerator (CFA) program.
The projects selected will be supported by the UK government to promote transition to low-cost, clean energy sources and evolve a sustainable method of development in Pakistan. These innovative projects will be supported in various areas by the CFA program ahead of an event in February 2023, according to a press release received by WealthPK.
The presser stated that the selected projects belong to the areas of energy, transportation, AFOLU (agriculture, forestry and other land uses), waste, e-mobility, and industrial and manufacturing sectors.
According to the press release, the projects will be supported in areas of individual needs, assessment discussions, and analysis of each project from a financial, technical, and gender equality and social inclusion perspective. The purpose of the program is to ensure that selected projects are in the best position to attract foreign investment.
These projects have the potential to benefit communities across Pakistan through pollution abatement, employment opportunities, access to energy, effective waste management, e-mobility and by supporting gender equality and social inclusion efforts, per the presser.
Climate Finance Accelerator program is a part of UK government’s efforts to help Pakistan get access to green finance and also to help it meet the requirements of Paris Agreement under its Nationally Determined Contribution (NDC) program, said the press release.
The press release highlighted that the UK has also been very forthcoming in helping Pakistan after the recent floods. During his visit to the country FCDO Minister, Lord Tariq Ahmad of Wimbledon announced additional £10 million of humanitarian aid, bringing the UK Government’s total contribution to £26.5 million.
The press release continued that the British public under the Disaster Emergency Committee raised £30 million in donations for the flood-affected people of Pakistan and the Ministry of Defence for its part donated life-saving equipment to the country.
The press release quoted the British High Commission Development Director Jo Moir as saying, “Businesses are playing a vital role in tackling the climate emergency in Pakistan, as we have seen in the response to the devastating floods. The UK is committed to assisting innovative and exciting low-carbon projects joining CFA Pakistan and building Pakistan’s climate resilience. We are together against climate change.”
Further it quoted Khurram Lalani, team leader from DAI as saying, “Today, we are delighted to launch the first cohort of the Climate Finance Accelerator, which aims to catalyse private finance and investments in projects that are vital to Pakistan’s green economy success, in renewable energy, electric transport, and sustainable housing. I am sure the support provided through CFA will enable these projects to make scalable and ground-breaking products for our collective greener future.”
The CFA projects selected according to the press release are:
ACT Engineering Services: ACT Engineering (ACTES) provides standardised solar solutions for residential and commercial clients. The company has already installed 6 MW of distributed solar power all over Pakistan, and aims to implement further 2 MW industrial and commercial solar projects through CFA support in a bid to scale up solar energy solutions in Pakistan.
Digital Dera by Agriculture Republic: Digital Dera is Pakistan’s first climate smart village community network that aims to connect all remote rural villages and communities across Pakistan to the internet. It will also equip smallholder farmers with climate smart digital agriculture free-of-charge.
Concept Loop: This project aims to redirect plastic waste from oceans and landfills into sustainable and affordable building materials and lifestyle products. The business will recover waste plastic and process it into bricks, partition boards, decorative sheets and value-added furniture items.
Daewoo: As the market leader in the transport sector of Pakistan, Daewoo Pakistan Express Bus Service Limited intends to launch electric 2-3 wheelers and electric buses in Pakistan. The e-mobility initiative will help the Government of Pakistan meet its target of 30% electric vehicles in the total vehicle mix of the country by 2030, set in the NDC.
DISIDE: It aims for the simplification of road freight emission reporting across the supply chain through a digital logistics platform. This makes road freight emission transparent and allows businesses to be accountable for every single ton-kilometre driven by their trucks.
Ouroboros Waste Management: The Used Polyethylene Terephthalate (PET) Bottle project aligns with circularity and neutrality targets –servicing the high-end market. The commercial opportunity at hand is of 25,000 MT Used PET converted to polyester yarn or Food Grade Recycled PET whilst including the neglected informal sector into the process and training women in semi-urban areas.
Shams Power Limited: Shams Power has pioneered the concept of distributed solar power generation to industry and commerce using a solar pay-as-you-go model. This project will implement 150 MW of distributive solar energy plants at multiple commercial and industrial sites in Pakistan. These greenfield solar projects will help industrial and commercial enterprises to transition to solar energy through affordable financing instruments of 150-MW of Distributed Solar Plants on multiple sites in Pakistan.
