KARACHI: A UK-funded road show managed to connect eight climate projects with potential investors after a two-day event, which ended on Sunday.

The show, under the auspices of Climate Finance Accelerator (CFA), an NGO, aimed at supporting bankable projects by serving as a bridge between solutions and potential investors.

The CFA, however, does not invest directly in projects nor does it guarantee an outcome, underlined Khurram Lalani, its Team Leader in Pakistan.

James Naughton, a representative of DAI UK, an international development consultancy, said the private sector had a vital role in making climate projects viable.

Mr Naughton said that even though billions of rupees were invested by the government last year to combat climate change, it fell short by hundreds of billions of rupees.

The DAI could supplement the government’s efforts by supporting projects in the private sector, he added.

The projects which attracted investors’ attention ranged from agriculture, forestry and waste management to e-mobility. These were selected out of roughly 70 proposals submitted last year.

The shortlisted projects need an investment of up to $4 million.

Among them was PACT Capital AD, which pitched a carbon credit project through afforestation.

PACT Capital’s pitch was to plant trees in Azad Jammu and Kashmir, Gilgit-Baltistan, Khyber Pakhtunkhwa and Punjab.

According to an estimate, the company could earn 10 carbon credits per hectare through the proposed scheme.

Organisations can then buy these carbon credits to achieve their net zero goals. One carbon credit is being sold for $6-10, but will go up to $20 by 2030 and $50 by 2050, said Fatima Khushnud, Chief Operating Officer of PACT Capital.

The firm has planted more than four million trees over 2,000 hectares in AJK, GB and KP so far.

Saving through e-bikes

Another proposed project was Ecodost by Nova Mobility Pvt Ltdt, which has launched electric two- and three-wheelers.

The presentation outlined the benefits of savings through e-bikes and the company’s emphasis on after sales service.

While an e-bike costs Rs80,000 more than a Honda CD70, its electricity consumption comes to Rs1 per kilometer, while a conventional bike consumes fuel worth Rs5 per km, according to Danish Diwan, the project’s director.

An Ecodost motorcycle can be charged in about three hours by using an AC adapter. Given that the most expensive component of an e-bike is its battery, Ecodost is working with ORKO, another CFA project, to create tracking software in case of theft.

SustainAgro, FACE, 8ridgeLinx, Charged Vehicles and Dawaam Life also submitted projects for consideration by investors.

Published in Dawn, February 21st, 2024

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