Rabeel Warraich, the founder and CEO of Sarmayacar, has announced the launch of the $40 million Climaventures Fund, a pioneering initiative aimed at addressing Pakistan’s pressing climate challenges. The fund has already secured a $15 million investment from the South Korea-based Green Climate Fund and seeks to raise up to $40 million to reduce greenhouse gas emissions and enhance climate resilience in Pakistan.

This marks the first venture program in Pakistan solely dedicated to combating climate change, launched in response to the country’s escalating climate-related crises, such as the devastating 2022 flash floods that highlighted Pakistan’s vulnerability to natural disasters.

“This initiative is about more than just capital,” said CEO Rabeel Warraich. “We believe that innovative, scalable climate solutions can drive Pakistan’s future, and our investors share that belief. Their confidence in our ability to spark real change is ultimately a testament to the ingenuity and potential of our ecosystem. While $50 million won’t solve all our climate challenges, we see this as the beginning—an essential catalyst for unlocking far greater investment and impact in the fight against climate change.”

Warraich expressed gratitude to the Green Climate Fund, NRSP, and other partners for their crucial support in launching this significant step towards a more sustainable Pakistan. The fund will focus on key areas such as energy generation and transition, e-mobility, water and waste treatment, recycling, and agritech.

The Climaventures Fund aims to attract further investments from both domestic and international sources. While acknowledging that $40 million is not enough to fully address Pakistan’s climate needs, Warraich emphasized that the fund can serve as a catalyst to unlock much larger investments for businesses tackling these challenges.