UK Funded Karandaaz to invest £15m in renewable energy

The UK-funded Karandaaz on has announced to invest over £15 million for the promotion of renewable energy and efficiency measures in Pakistan.

This initiative is the part of the Department for International Development (DFID) Sustainable Energy and Economic Development (SEED) programme. The SEED programme will work with firms, businesses, and financial institutions to demonstrate the financial viability of enhancing investments in clean energy and energy efficiency improvements.

The agreement was signed between Joanna Reid, Head of DFID Pakistan and Ali Sarfraz, CEO Karandaaz Pakistan. Karandaaz Board of Director’s Chairperson, Dr Shamshad Akhtar was also present on the occasion.

According to the latest World Bank study, more than 75% of Pakistani firms cite energy provision as a major constraint to growth. Where available, electricity provision is costly and inefficient, lowering the competitiveness of industry and services. Daily load shedding and large leakages in the distribution system mean manufacturing firms cite access to electricity amongst the top obstacles to growth.

Climate and environment are a global priority for DFID. Domestically and internationally, the UK has been leading the way on climate change. This programme is also an opportunity for Pakistan to draw on expertise of UK in clean energy for greener growth