Karandaaz Pakistan, a leading development finance platform dedicated to advancing financial inclusion and fostering digital transformation across the nation, has unveiled GreenFin Innovations (GFI). This pioneering initiative is designed to scale innovative and sustainable solutions aimed at fostering a green economy and addressing the pressing challenges of climate change in Pakistan.
GreenFin Innovations offers a unique array of support mechanisms, including concessional financing of up to PKR 50 million and tailored business development assistance, while also facilitating connections within the climate change network. The initiative is steadfast in its commitment to driving transformative change and local capacity building to confront urgent environmental and climate change challenges through innovative means.
Businesses operating in Pakistan and registered with a valid National Tax Number (NTN) are eligible to benefit from GreenFin Innovations support. Proposed solutions must actively tackle climate change issues in adaptation, mitigation, or cross-cutting thematic areas.
Salim Raza, Chairperson of Karandaaz, elaborated on the significance of the initiative, stating, “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.”
Karandaaz has a track record of successfully providing growth capital to innovative solutions addressing various environmental challenges, including plastic waste management, efficient water management, and air quality improvements under their Green Challenge Fund (GCF). With the introduction of GreenFin Innovations, Karandaaz aims to amplify its impact, recognizing the urgency of building local capacity for innovation and scaling existing technologies to effectively tackle climate change challenges.
The launch of GreenFin Innovations marks a significant milestone in Pakistan’s efforts towards sustainability and environmental stewardship, paving the way for innovative solutions to combat climate change and foster a greener, more resilient future for the nation.
