Pakistan announces $50 million assistance for climate startups

A man walks atop boats moored on the banks of river Ravi engulfed in smog in Lahore on November 13, 2024. (AFP)
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Updated 13 November 2024
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Pakistan announces $50 million assistance for climate startups

  • Project seeks to attract private investment in climate-tech ventures
  • Initiative is backed by $25 million commitment from Green Climate Fund

ISLAMABAD: The Pakistan government has launched Climaventures, an initiative led by the National Rural Support Programme (NRSP) under which it will provide $50 million in assistance to climate-tech startups, Radio Pakistan reported on Wednesday. 

Pakistan is ranked the 5th most vulnerable country to climate change, according to the Global Climate Risk Index. In 2022, devastating floods killed over 1,700 people and affected over 33 million, with economic losses exceeding $30 billion.

“Under this project, an investment of fifty million dollars will be made … aimed at providing technical guidance, grants and equity to climate startups," said Radio Pakistan, reporting on the Climaventures initiative. 

“This project will increase private sector investment to deal with climate related challenges in Pakistan.”

In a video posted on X last week by NRSP, Georges Sander, a climate investment specialist, said Climaventures was exciting as it supported “local entrepreneurs […] develop local solutions for local climate problems”.

The $50 million project is designed to attract private investment in climate ventures, NRSP said.

With a core $25m funding commitment from the Green Climate Fund (GCF), Climaventures says it aims to address Pakistan’s funding gaps for sustainable solutions by offering technical guidance, grants and equity for climate-focused startups.

It is the first initiative of its kind in Pakistan and brings together key stakeholders, including government officials, international organizations like the World Bank and ADB, and climate entrepreneurs.


Pakistan condemns Israel’s contentious move to approve land registration in West Bank

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Pakistan condemns Israel’s contentious move to approve land registration in West Bank

  • Israel’s cabinet on Sunday voted in favor of beginning land registration process that makes it easier for settlers to buy lands in West Bank 
  • Pakistan’s foreign office says such measures in violation of international law, UN General Assembly and Security Council resolution

ISLAMABAD: Pakistan’s foreign office on Monday condemned the Israeli cabinet’s contentious decision to approve registration of large areas of land in the West Bank as “state property,” saying the move was in violation of international law and the United Nations Security Council resolutions. 

Members of the Israeli cabinet on Sunday voted in favor of beginning a process of land registration in the West Bank for the first time since 1967. The move is being seen by many, including the Palestinian Authority (PA), as measures to tighten Israel’s control over the West Bank area by making it easier for Jewish settlers to buy land.

The ruling Israeli coalition ‌includes many ‌pro-settler members who want Israel to annex ​the ‌West ⁠Bank, ​land captured ⁠in the 1967 Middle East war to which Israel cites biblical and historical ties. The West Bank is among the territories that Palestinians seek for a future independent state. Much of it is under Israeli military control, with limited Palestinian self-rule in some areas run by the PA. 

“Pakistan strongly condemns the latest attempt by the Israeli occupying power to convert areas of the Occupied West Bank into so-called state property, and to expand illegal settlement activities,” Pakistan’s foreign office spokesperson said in a statement. 

The spokesperson said such actions are “in clear violation” of international law, UN Security Council and General Assembly resolutions. It stressed that such measures must be rejected by the international community.

“Pakistan calls on the international community to take concrete measures to end Israeli impunity, and ensure respect for international law,” the statement said. 

The foreign office reiterated its support for the people of Palestine in securing their right to self-determination, and for an independent, Palestinian state based on pre-1967 borders, with Al-Quds Al-Sharif as its capital.

The PA presidency has rejected the cabinet’s decision, saying it constitutes “a de-facto annexation of ‌occupied Palestinian territory and a declaration of the commencement of annexation plans aimed at entrenching the occupation ⁠through illegal settlement ⁠activity.”

The United Nations’ highest court said in a non-binding advisory opinion in 2024 that Israel’s occupation of Palestinian territories and settlements there is illegal and should be ended as soon as possible. Israel disputes this view.