Pakistan launches $50m Climaventures initiative for resilience projects

Pakistan has officially launched 'Climaventures,' a $50 million initiative aimed at drawing private investment into climate-related projects. Introduced in Islamabad, this pioneering programme is led by the National Rural Support Programme (NRSP), with a significant $25 million contribution from the Green Climate Fund (GCF).

Climaventures seeks to bridge the nation’s financing gaps for sustainable solutions by providing technical support, grants, and equity to startups dedicated to climate resilience and innovation. In a video address, Pakistan's Minister for Planning, Development, and Special Initiatives, Ahsan Iqbal, commended the initiative as a transformative step for the country’s capital landscape, emphasising its importance in driving sustainable development.

Pakistan is grappling with the dire consequences of climate change. From glacial meltwater-induced floods to searing heat waves and unpredictable droughts, the country is at the forefront of an escalating crisis.

The World Bank has identified Pakistan as one of the eight nations most vulnerable to climate change, with rising temperatures, threatening agricultural productivity and food security for millions. Erratic weather patterns disrupt water availability, exacerbating an already strained resource, while floods and extreme weather events inflict billions of dollars in damages, displacing communities and crippling infrastructure.