The Pakistan government is supporting climate-tech startups with a $50m fund.
The Climaventures initiative is led by the National Rural Support Programme (NRSP).
The money will be used to provide technical help, grants and equity to those startups involved in the climate tech industry.
It is hoped that the project will increase private sector investment in what is a crucial area for the country.
According to the Climate Risk Index, Pakistan is ranked as the fifth most vulnerable country to the changing climate. Back in 2022, over 1,700 people were killed in some of the worst flooding the country has seen. The economics losses were calculated at some $30bn.
The Climaventures funding comes on top of a $25m commitment from the Green Climate Fund and is targeted at the funding gaps that exist for sustainable solutions.
It brings together a number of key stakeholders including Pakistan’s government officials, climate tech founders and funders, and international organisations such as the World Bank and ADB.