10 February 2025, Islamabad: The United Nations Development Programme (UNDP), in collaboration with the Ministry of Climate Change and Environmental Coordination (MoCC&EC), the Ministry of Energy (MoE), and the Private Power and Infrastructure Board (PPIB), hosted a Stakeholder Consultation on “Climate Finance in the Renewable Energy Sector” in Islamabad on February 6.

Climate change threatens to shrink Pakistan’s GDP by up to 9% by 2050, requiring $350 billion by 2030 and $7–14 billion annually for adaptation. To meet its growing energy demands while reducing greenhouse gas (GHG) emissions, Pakistan’s transition to clean, renewable energy is critical. This shift requires significant investment, with climate finance key to unlocking the necessary funding.

In her opening remarks, Ms. Van Nguyen, Deputy Resident Representative of UNDP Pakistan, emphasized the importance of public-private partnerships, institutional collaboration, and streamlining regulatory frameworks in achieving Pakistan’s renewable energy goals. She called for a collective approach to transform climate challenges into bankable climate finance projects aligned with global agreements and best practices.

The consultation focused on developing a strategy to drive investments in renewable energy projects and exploring funding through global climate finance facilities such as the Green Climate Fund (GCF). The event brought together key stakeholders, including government officials, development partners, private sector leaders, financial institutions, and climate experts.

In his keynote address, Dr. Zulfiqar Younas, Additional Secretary at MoCC&EC, shared insights into Pakistan’s climate challenges and ongoing efforts to achieve sustainability and climate resilience. He also highlighted the Ministry’s active engagement with development partners, the GCF, and other climate finance platforms to secure funding for renewable energy initiatives.

The event also featured sessions by climate finance experts. Mr. Fernando Anaya, Climate Finance Expert at United Nations, provided an overview of global climate finance opportunities and best practices for preparing investor-friendly proposals. Ms. Ying Zhang, Regional Energy Specialist at UNDP, shared insights on global climate finance trends, drawing from COP29 and ongoing energy transition initiatives. Lastly, Ms. Jacqueline Lam, Regional Director for Asia at SEforALL, talked about energy transition, investment planning, and pathways for reducing GHG emissions to meet Paris Agreement targets.

A panel discussion featured leading experts, including Dr. Naveed Ahmed from Lahore University of Management Sciences (LUMS), Mr. Shah Jahan Mirza, Managing Director of PPIB, Mr. Sohail Malik, former Portfolio Head at GCF, and Mr. Rabeel Warraich, CEO and Founder of Sarmayacar. The panel explored opportunities for building a robust pipeline of climate finance projects, adopting technological advancements, and using innovative financing models.

In his closing remarks, Mr. Shah Jahan Mirza reaffirmed the government's commitment to expanding climate financing for renewable energy projects and collaborating with all relevant sectors and stakeholders on the issue.

The consultation concluded with a commitment from all participants to collaborate and take action to scale up Pakistan’s renewable energy investments through improved access to climate finance.

                                                                                   **************

For additional information, contact Fizza Bangash, Head of Communications Unit, fizza.bangash@undp.org, UNDP Pakistan.

About UNDP:

UNDP is the leading United Nations organization fighting to end the injustice of poverty, inequality, and climate change. Working with our broad network of experts and partners in 170 countries, we help nations to build integrated, lasting solutions for people and planet.

Learn more at undp.org