The founder and CEO of Sarmayacar Rabeel Warraich has announced the launch of the $40 million Climaventures Fund, a groundbreaking initiative focused on addressing Pakistan’s climate challenges.
The fund has secured a $15 million investment from South Korea-headquartered Green Climate Fund. This entity aims to raise up to $40 million to reduce greenhouse emissions and adapt to the impacts of climate change in Pakistan.
This is the first venture program in Pakistan exclusively dedicated to fighting climate change. The initiative comes in direct response to the country’s increasing climate-related crises, such as the catastrophic 2022 flash floods which exposed Pakistan’s vulnerability to natural disasters.
CEO Sarmayacar Rabeel Warraich said,
This initiative is about more than just capital. We believe that innovative, scalable climate solutions can drive Pakistan’s future, and our investors share that belief. Their confidence in our ability to spark real change is ultimately a testament to the ingenuity and potential of our ecosystem. While $50 million won’t solve all our climate challenges, we see this as the beginning—an essential catalyst for unlocking far greater investment and impact in the fight against climate change.
The CEO expressed gratitude to the Green Climate Fund, NRSP, and other partners for their vital support in launching this important step towards a more sustainable Pakistan.
The fund will focus on energy generation and transition, e-mobility, water and waste treatment, recycling, and agritech. Warraich said the fund aims to attract additional investments from both domestic and international sources. He acknowledges that while $40 million is insufficient to meet Pakistan’s climate needs, the fund can serve as a catalyst to unlock significantly larger investments for businesses addressing these challenges.
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