PFAN’s Annual Report 2023 – Special Edition is out, reflecting on the successful scale-up phase during UNIDO-REEEP hosting period 2016-2023

REEEP proudly present PFAN’s fully interactive Annual Report 2023, reflecting on PFAN’s achievements during the UNIDO and REEEP hosting, highlighting notable successes, and evaluating their lasting impact on the climate agenda. The report also provides an overview of their activities in 2023 from a global perspective and regional focus pages featuring highlights and statistics from each of their areas of operation.

PFAN was founded in 2006 to support clean energy and climate entrepreneurs to scale up successfully from 2016 to 2023 during the UNIDO-REEEP hosting period. For 17 years, PFAN has demonstrated remarkable success since its inception, supporting over 1,408 projects and businesses and facilitating the mobilisation of more than USD 3.3 billion in investment, with over 260 of them benefitting from mobilised financial support. During the scale-up phase, 869 projects received support, where 168 attracted a total of USD 2.16 billion. This achievement is credited to the outstanding entrepreneurs advancing climate and clean energy solutions.

The exponential growth was fueled by geographical expansion and deeper networks under the UNIDO-REEEP hosting structure, including over 100 local and regional PFAN partners established from 2016 to 2023. Financial mobilisations were driven by PFAN’s growing global network of advisors, consisting mainly of local technical and financial experts and transaction advisors.

Throughout its journey, PFAN has demonstrated agility by responding to various developments and trends in climate finance. They have showcased their flexibility and adaptability by introducing initiatives and programmatic focuses, contributing significantly to its enduring success. A few of the key areas within the clean energy and climate sectors that PFAN focused on include gender mainstreaming, adaptation, cooling, e-mobility and circular economy.

In reflecting on 2023, PFAN achieved notable milestones and achievements, reaffirming their commitment to advancing climate and clean energy projects. 54 PFAN-supported projects mobilised over USD 330 million, adding 158 MW of clean energy capacity and mitigating over 360,000 tonnes of CO2e emissions annually.

PFAN’s sub-programme, the Pakistan Private Sector Energy Project, hit milestones with its first investment closures for cleantech SMEs, spanning electric mobility, circularity, energy efficiency, solar and wind energy. They also collaborated with ADEME to support entrepreneurs in developing and implementing innovative solutions to improve energy access in sub-Saharan Africa.

REEEP is proud of PFAN’s accomplishments over the last 17 years. Their work contributed to the acceleration and deployment of climate solutions, increased investment in climate mitigation and adaptation and successfully unlocked frontier markets. This has led to reduced greenhouse gases, increased climate resilience and enhanced socio-economic development, shaping a greener, more resilient future.  At present, PFAN’s primary focus on two programs funded by the United States Agency for International Development (USAID): PFAN-LAC in the Caribbean and the Pakistan Private Sector Energy Project (PPSE).

UNIDO and REEEP are actively exploring new opportunities to leverage PFAN’s legacy – its global network, robust pipeline, methodologies and market experience – to continue supporting climate projects and investors in areas where project preparation and investment facilitation are most needed, contributing to the targets of the Paris Agreement and Sustainable Development Goals.