UK announces 7 projects for Pakistan’s climate finance accelerator initiative

By MG News | November 21, 2022 at 10:45 AM GMT+05:00

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November 21, 2022 (MLN): United Kingdom (UK) has announced seven innovative low-carbon projects as a part of the first cohort for the climate finance accelerator (CFA), Pakistan, Chairman UK-Pakistan Joint Business Council Mian Kashif Ashfaq said on Sunday.

While talking to President Pak-British Friendship Council (North) Muhammad Arbab Khan on a Zoom video call he said projects from energy, transportation, agriculture, forestry, and other land use, waste, e-mobility, and industrial and manufacturing sectors will receive tailored support.

“As a result of these projects, pollution can be abated, employment opportunities are created, energy access is increased, waste management is improved, e-mobility continues to be supported, and gender equality is promoted”, he added.

Muhammad Arbab Khan said the CFA is part of the UK government’s efforts to help Pakistan in accessing climate finance and meeting the priorities set out in its Nationally Determined Contribution under the Paris Agreement.

He further added this work comes alongside the provision of UK humanitarian support to Pakistan following flood devastation and CFA support will enable these projects to make scalable and ground-breaking projects for a collectively greener future for Pakistan.

Out of a total of 50 projects, 7 were selected, including ACT Engineering Services, Digital Dera by Agriculture Republic, Concept Loop, Daewoo Pakistan Express Bus Service Ltd, DISIDE, Ouroboros Waste Management, and Shamas Power Ltd.

Mian Kashif said greenfield solar projects will help industrial and commercial enterprises to the transaction to solar energy through affordable financing instruments of 150 MW on multiple sites in Pakistan.

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