ISLAMABAD(WNAM Report): Karandaaz Pakistan, a development finance platform at the forefront of promoting financial inclusion and driving digital transformation across the country, announced the launch of GreenFin Innovations (GFI), a groundbreaking initiative dedicated to scaling innovative and sustainable solutions aimed at promoting a green economy and addressing the critical challenges of climate change in Pakistan.
GreenFin Innovations offers a unique blend of support, including concessional financing of up to PKR 50 million and tailored business development support, all while fostering connections within the climate change network. The initiative is committed to driving transformative change and local capacity building, to address urgent environmental and climate change challenges through innovative solutions.
Businesses registered and operating in Pakistan with a valid National Tax Number (NTN) are eligible for GreenFin Innovations support. The proposed solutions must actively address the climate change issues in adaptation, mitigation, or cross-cutting thematic areas.
Karandaaz Chairperson Salim Raza, while elaborating on the initiative, said, “GreenFin Innovations is aimed at catalysing sustainable solutions to combat climate change in Pakistan. It provides blended finance in the form of concessional loans, with funding sizes varying based on the nature and scale of each project. GFI will empower businesses to play a pivotal role in promoting a green economy and mitigating the impacts of climate change.”
In the past, Karandaaz has successfully provided growth capital to innovative solutions on plastic waste management, efficient water management, and air quality under their Green Challenge Fund (GCF). With the launch of GreenFin Innovations, Karandaaz aims to amplify the impact, recognising the urgency of building local capacity for innovation and scaling existing technologies to effectively tackle climate change challenges.
Shumaila Rifaqat, Head of Innovation and MEL at Karandaaz said, “Pakistan is facing the dire effects of climate change. It is imperative that local capacity to address environmental and climate change challenges is developed and, in that endeavour, private sector has a huge role to play. To this end, GFI will provide the essential support and risk capital to catalyse innovation in addressing the climate challenge.”
Karandaaz invites eligible businesses and entrepreneurs to join hands with GreenFin Innovations in creating a sustainable future and making a significant contribution to the fight against climate change.
