Karandaaz secures green climate fund accreditation

Karandaaz Pakistan has received direct-access accreditation from the Green Climate Fund (GCF), allowing it to seek and channel international climate finance for initiatives in Pakistan. Business Recorder reported that the GCF Board approved the accreditation at its 46th meeting in Songdo, South Korea.

The organisation says the status will help it direct funding toward projects aligned with Pakistan’s Nationally Determined Contributions, National Adaptation Plan and Green Taxonomy. Karandaaz has used growth equity, debt and blended finance to address funding gaps for climate-smart initiatives, including resource-efficient technology and clean energy adoption by micro, small and medium-sized enterprises.

GCF investment services director Achala Abeysinghe said Karandaaz’s understanding of local financial markets could broaden climate finance for businesses and financial institutions. Karandaaz CEO Waqas ul Hasan said the accreditation would strengthen institutional links with international financing facilities.