Islamabad (GNP): Karandaaz Pakistan has become a member of the Green Climate Fund’s (GCF) global partner network after the GCF Board formally accredited it at its 46th meeting (B.46) in Songdo, Republic of Korea.
With the accreditation, Karandaaz can obtain, blend and channel international climate finance straight into high-impact projects in Pakistan that are tied to the country’s Nationally Determined Contributions, the National Adaptation Plan and the Pakistan Green Taxonomy. As a national impact investment platform, it plans to use the partnership to draw in private capital, reduce the risk of climate-smart investments and support sectors that are hit hardest by climate volatility.
Pakistan remains one of the most climate-vulnerable countries in the world and needs large flows of international and domestic funding to meet its climate targets and build long-term economic resilience. Direct Access accreditation, the announcement said, is an important institutional tool for making sure climate finance decisions fit national priorities, local economic conditions and market needs.
Over the last ten years, Karandaaz has worked to close financing gaps for climate-smart projects. Through growth equity, debt and blended finance, it has helped micro, small and medium-sized enterprises (MSMEs) adopt resource-efficient technologies, expand clean energy solutions and strengthen climate resilience. By de-risking markets and backing innovation in underserved sectors, it has shown, the organisation said, that access to finance and climate action are closely linked. That experience, it added, helps ensure international climate finance protects vulnerable communities, creates green jobs and supports national climate commitments.
Achala Abeysinghe, Director of the GCF’s Department of Investment Services, said Karandaaz brings strong knowledge of local financial markets to the partner network. Together, she said, they can expand climate finance for businesses and financial institutions backing Pakistan’s low-emission, climate-resilient development, and the GCF is committed to working with national institutions that can strengthen local markets, mobilise private investment and direct funds to solutions that match country priorities.
Waqas ul Hasan, Karandaaz Pakistan’s Chief Executive Officer, called the accreditation a transformative moment for the organisation and good news for green finance in Pakistan, which needs deep ties with global financing facilities to support sustainable, climate-resilient growth. Direct Access, he said, will let Karandaaz structure scalable, viable climate interventions, ease liquidity bottlenecks for enterprises and channel private capital toward the national climate agenda. He said the organisation looks forward to working with partners to build a strong project pipeline.
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Karandaaz now joins the GCF’s global network of direct access entities, which strengthens its capacity, and Pakistan’s, to originate and carry out complex, bankable climate programmes with the private sector and development partners.
Sohail Majeed is a Special Correspondent at The Diplomatic Insight. He has twelve plus years of experience in journalism & reporting. He covers International Affairs, Diplomacy, UN, Sports, Climate Change, Economy, Technology, and Health.
