ISLAMABAD: Former State Bank governor and chairperson of Karandaaz, a nonprofit organisation, Dr Shamshad Akhtar on Tuesday said investors had showed little interest in plastic waste management and efficient water conservation.

This was stated by her in a video message at a ceremony held to announce the winners of funding of six green transitional projects. The project has been implemented by Karandaaz Pakistan with the support of UK’s Foreign, Commonwealth & Development Office (FCDO).

Karandaaz invited innovative projects seeking financing to implement plastic waste management and efficient water management solutions.

After due diligence, Suftech Innovations, Davaam Life, a consortium of 8th Loop and Open Door Design, National Rural Support Program (NRSP), Linked Things, and National University of Medical Sciences (NUMS) have been selected as winners to receive funding from Karandaaz.

Dr Shamshad Akhtar said lack of access to finance and poor investor interest explains the lack of private sector engagement in plastic waste management and efficient water management and conservation.

She said financial support was missing for the refinement and customisation of products and solutions according to the requirements of specific sectors.

“Transitioning towards green practices requires a holistic approach, introducing an innovative solution, unlocking financing for the implementation, and scaling up, ultimately creating a demonstration effect,” Dr Akhtar added.

Annabel Gerry, Development Director, FCDO said that the United Kingdom has pledged over £55 million to help Pakistan fight climate change, promote efficient water usage and unlock climate investment.

She said that the pledge has been made at the recent COP26 climate change conference held in the UK.

“The private sector is crucial to fighting climate change,” she said, adding, “I congratulate these six companies on winning funding to take forward projects on plastic waste and water management,” Ms Gerry added.

Published in Dawn, November 17th, 2021