Govt launches ‘Climaventures’: A $50m push for climate innovation, investment

ISLAMABAD: Pakistan took a significant step toward climate resilience and innovation with the launch of Climaventures, a pioneering initiative led by the National Rural Support Programme (NRSP).

Unveiled in Islamabad, this groundbreaking $50 million project is designed to attract private investment in climate ventures, marking the first of its kind in Pakistan.

The event drew a diverse audience, including government officials, foreign dignitaries, and key figures from organizations like the Asian Development Bank (ADB), the International Finance Corporation (IFC), and the World Bank.

Future Summit concludes with focus on innovation, financial inclusion

Together with local investors, National Incubation Centers (NICs), and climate entrepreneurs, attendees underscored the program’s collaborative approach to tackling Pakistan’s pressing climate challenges.

With a core $25 million funding commitment from the Green Climate Fund (GCF), Climaventures aims to address Pakistan’s funding gaps for sustainable solutions by offering technical guidance, grants, and equity for climate-focused startups.

In his remarks, NRSP CEO Dr Rashid Bajwa highlighted the initiative’s potential to significantly reduce risks for climate startups, enhancing their chances of success and capacity for impact.

Minister for Planning, Development, and Special Initiatives, Ahsan Iqbal, praised Climaventures’ “groundbreaking approach” via a video address, calling it “pivotal for enhancing our capital landscape.”

He emphasized how such investments lay the groundwork for both innovation and private sector mobilization in climate efforts.

Development Director of the British High Commission, Jo Moir lauded Climaventures as an essential milestone for channeling international climate finance into Pakistan, stressing the importance of private sector support to bridge the country’s climate finance gap.

Backed by the Ministry of Climate Change and Environment Coordination (MoCC&EC), Climaven-tures demonstrates a unified commitment from the public and private sectors.

The program will leverage “first-loss equity” and long-term investment support, helping reduce risks and attract more funding for climate-driven solutions across Pakistan.