Karachi, Karandaaz Pakistan, recognized for its role in advancing financial inclusion and spearheading digital innovations, has unveiled GreenFin Innovations (GFI), a pioneering program designed to bolster the green economy and combat climate change in Pakistan. The initiative aims to provide crucial financial and development support to businesses implementing sustainable solutions that address environmental challenges.

According to Karandaaz, GreenFin Innovations will offer up to PKR 50 million in concessional finance and specialized business development assistance to eligible companies. To qualify, businesses must be registered in Pakistan with a valid National Tax Number (NTN) and focus on climate change adaptation, mitigation, or related themes.

Salim Raza, the Chairperson of Karandaaz, emphasized that GreenFin Innovations is poised to catalyze sustainable change by providing blended finance solutions tailored to the needs and scale of each project. This initiative seeks to empower the business sector to actively contribute to the development of a green economy and mitigate the effects of climate change in the country.

Karandaaz has previously supported initiatives on plastic waste management, efficient water use, and improving air quality through its Green Challenge Fund (GCF). With the introduction of GreenFin Innovations, the organization aims to expand its impact by building local capacity for environmental innovation and scaling up technologies to address the urgent challenge of climate change effectively.

Shumaila Rifaqat, Head of Innovation and MEL at Karandaaz, highlighted the critical role of the private sector in addressing Pakistan’s environmental and climate challenges. GFI is designed to provide necessary support and risk capital to stimulate innovation and tackle climate-related issues head-on.