Karandaaz Pakistan Secures Green Climate Fund Accreditation to Expand Climate Finance

The accreditation will allow Karandaaz to access international climate funding directly and support private investment in climate-resilient businesses and projects across Pakistan.

Karandaaz Pakistan has secured accreditation from the Green Climate Fund (GCF), enabling the organisation to access and channel international climate finance directly into projects across the country.

The GCF Board approved the accreditation at its 46th Board Meeting (B.46), held in Songdo, Republic of Korea. With this development, Karandaaz has joined the GCF’s global network of Direct Access Entities.

The accreditation will allow Karandaaz to access, blend and deploy climate funding for initiatives aligned with Pakistan’s Nationally Determined Contributions (NDCs), National Adaptation Plan and Green Taxonomy.

The organisation plans to use the partnership to mobilise private-sector investment, reduce financing risks and support businesses operating in sectors affected by climate change.

Pakistan faces growing climate-related challenges and requires substantial investment to meet its climate targets and strengthen economic resilience. Direct Access accreditation allows national institutions to play a greater role in directing international climate finance towards local priorities and market requirements.

Achala Abeysinghe, Director of the GCF’s Department of Investment Services, said Karandaaz brings valuable knowledge of Pakistan’s financial markets to the partnership.

She said the collaboration could expand climate finance for businesses and financial institutions working towards low-emission and climate-resilient development. She also highlighted the importance of national institutions in mobilising private investment and supporting locally relevant climate solutions.

Karandaaz Focuses on Climate-Smart Investment

Over the past decade, Karandaaz has supported Pakistan’s green transition through financing initiatives aimed at addressing investment gaps in climate-related sectors.

The organisation uses growth equity, debt and blended finance facilities to help micro, small and medium-sized enterprises (MSMEs) adopt resource-efficient technologies, expand clean energy solutions and improve their resilience to climate risks.

It has also worked on market-level risk-sharing mechanisms and financing models for underserved sectors. These efforts aim to improve access to capital while supporting climate action, green employment and vulnerable communities.

Karandaaz Chief Executive Officer Waqas ul Hasan described the accreditation as an important development for the organisation and Pakistan’s green financing landscape.

He said direct access to GCF resources would help Karandaaz develop scalable climate projects, address financing constraints faced by businesses and attract private-sector capital towards national climate priorities.

Hasan added that the organisation would work with partners to build a pipeline of viable climate projects.

The accreditation strengthens Karandaaz’s ability to work with international climate finance institutions, private businesses and development partners. It also creates an opportunity to develop larger climate programmes that support Pakistan’s transition towards a more sustainable and climate-resilient economy.