The second Asia Energy Transition Summit, jointly organised by the LUMS Energy Institute (LEI), the Alliance for Climate Justice and Clean Energy (ACJCE) and the Pakistan Renewable Energy Coalition (PREC), concluded at LUMS on December 7. The two-day event brought together federal ministers, parliamentarians, civil servants, climate and energy experts and practitioners, academics and activists from across South Asia and Southeast Asia. The summit reaffirmed Asia’s growing political, financial and technological role in shaping regional and global trends towards a clean and just energy transition. It also emphasised the need for stronger regional cooperation and collaboration within Asia to expedite and smoothen this transition.

The Summit featured plenary sessions, keynote addresses and thematic discussions focused on advancing a just, people-centred, and affordable energy transition across Asia. Its key themes included new and sustainable pathways for financing energy transition and climatic adaptation and mitigation, tariff and non-tariff barriers to renewable-energy trade, distributed and utility-scale renewable deployment, flexible and climate-resilient grids, governance reforms and the risks posed by inequitable or technologically misdirected ‘false solutions’.

Delivering his keynote address during the summit, Prof. Ahsan Iqbal, Federal Minister for Planning, Development and Special Initiatives, highlighted the central role of energy transition in Pakistan’s future development. “Clean, reliable and affordable energy is essential for our economic revival,” he said. “By bringing together regional experts, Asia Energy Transition Summit has also helped Pakistan determine its role and contribution in shaping an Asia-wide fair, future-oriented energy agenda.”

Speaking at the closing plenary, Dr. Musadik Malik, Federal Minister for Climate Change and Environmental Coordination, highlighted the financing challenges that developing economies face, particularly in the energy and climate sectors. “The energy transition must ease the already heavy financial burdens on the developing states, not create new ones,” he noted. He also emphasised that as storage costs fall, batteries can address renewable variability and make energy transition smooth.

Nafeesa Shah, Co-Convener, Parliamentary Forum on Energy & Economy, said, “Parliamentarians and policymakers are the missing link in the energy transition and climate diplomacy discourse. It is essential that we promote global and Asia level collaborations for an effective and just energy transition.”

Addressing a townhall session on Pakistan’s power sector, Sardar Awais Ahmed Leghari, Federal Minister for Energy (Power Division), emphasised the urgent need to modernise the national grid to ensure a smooth and speedy energy transition. “Pakistan must build a flexible and a renewables-driven power system,” he said. “The insights shared during the Asia Energy Transition Summit will certainly guide power sector reforms within Pakistan and help it expand its solar and wind resources for power generation while also ensuring their equitable and affordable access to the citizens.”

Reflecting on the summit’s outcomes, Dr. Fiaz Ahmed Chaudhry, Chairman National Grid Company of Pakistan and Senior Advisor at LEI, highlighted Asia’s shared responsibility for energy transition and climate finance. “The summit brought together individuals and institutions who recognise sustainability, affordability and technical credibility as foundations for Asia’s energy future,” he stated. “I hope the discussions among them will generate partnerships that help countries in the region pursue technologically practical, environmentally appropriate, financially viable and socially just transition pathways.”

Concluding the Summit, Dr. Tariq Jadoon, Provost of LUMS, reaffirmed the University’s commitment to advancing research-driven, evidence-based energy policy, while Dr. Fiaz Chaudhry noted that the discussions will inform practical and financially viable pathways for countries aligning development agendas with climate and energy imperatives.

The Asia Energy Transition Summit 2025 concluded with renewed commitments from government, private sector stakeholders and international partners to work collaboratively toward a resilient, sustainable and equitable energy future, highlighting Asia’s critical role in driving the global energy transition.

Karachi, Pakistan – 21st July 2025 – InfraZamin Pakistan, Sunridge Foods (Pvt.) Limited, and BankIslami marked a landmark moment at the Pakistan Stock Exchange (PSX) with a ceremonial gong strike to launch Pakistan’s first fully subscribed PKR 2 billion Agri-Infrastructure Sukuk.

This Shariah-compliant Sukuk, is backed by a 100% principal credit guarantee from InfraZamin Pakistan and carries a long-term AAA rating, and fully subscribed by institutional investors. This represents a pioneering step towards sustainable financing via capital markets in the country’s agricultural sector.

The Sukuk issuance, led by BankIslami Pakistan Limited as the Mandated Lead Arranger and credit-enhanced by InfraZamin, has been assigned a AAA rating by VIS Credit Rating Company. The involvement of AKD Securities as Financial Advisor, Al-Hilal Shariah Advisors as Shariah Compliance Experts, and Pak Brunei Investment Company Limited as Investment Agent and Trustee ensures robust governance and protection of the interests of Sukuk holders under a Shariah-compliant framework.

The funds raised through the Sukuk will be utilized to advance Sunridge Foods’ Balancing, Modernization, and Replacement (BMR) projects, focused on upgrading production facilities with sustainable and energy-efficient technologies. Key components of the BMR include the installation of 1 MW wind turbines and a 0.5 MW solar power plant to bolster Sunridge’s renewable energy efforts, alongside the construction of new silos and warehouses to substantially expand agricultural produce storage capacity. Additionally, the proceeds will provide working capital support for Sunridge’s critical wheat and rice processing plants in Karachi and Lahore, facilitating increased production of essential staple food items.

Gracing the occasion as Chief Guest, Lance Domm, the Deputy British High Commissioner, lauded the initiative as a significant step towards climate-resilient and sustainable economic growth through capital market innovation. He stated “This Sukuk represents a significant step in expanding access to climate-friendly, Shariah-compliant finance in Pakistan’s agri-infrastructure sector. It reflects growing confidence in the country’s capital markets and the role of partnerships in mobilising private investment for development. The UK, through its support to InfraZamin and other financial institutions, remains committed to strengthening Pakistan’s financial ecosystem.”

Maheen Rahman, CEO of InfraZamin Pakistan, highlighted the strategic importance of the transaction, saying, “This ceremony reflects our commitment to facilitating sustainable financing solutions that empower Pakistan’s agriculture sector. By providing a principal credit guarantee, InfraZamin strengthens investor confidence and unlocks capital market access.”

Amir Shahzad, Chairman and Executive Director of Sunridge Foods, emphasized the operational and environmental benefits, stating, “At Sunridge Foods, we are proud to be part of this landmark issuance that channels Islamic finance towards strengthening Pakistan’s agri-infrastructure. This Sukuk enables us to modernize our production capabilities, invest in renewable energy, and significantly expand our storage and processing capacity for essential food staples. It is a testament to how purpose-driven partnerships can unlock sustainable growth in critical sectors like food and agriculture.”

Rizwan Ata, President & Chief Executive Officer of BankIslami, also commented, “We are pleased to play our role in the launch of Pakistan’s first Agri-Infrastructure Sukuk, marking a significant step forward in sustainable financing for the country. This transaction highlights the growing recognition of Shariah-compliant finance as a core tool for driving economic growth while supporting sustainable development.  BankIslami remains committed to providing innovative solutions that contribute to Pakistan’s long-term prosperity”.

The Chairperson of PSX, Dr Shamshad Akhtar, emphasized that Pakistan’s intersecting crises of climate vulnerability and food insecurity demand bold, homegrown solutions. She commended the launch of the Sunridge Agri-Infrastructure Sukuk as a defining example of how private sector leadership and financial innovation—especially within Islamic finance—can mobilize capital toward climate resilience and agricultural development. Initiatives like this, she noted, are not only responses to urgent challenges, but powerful catalysts for inclusive growth, food system transformation, and a sustainable future built on values, ingenuity, and collaboration.

The CEO of Pakistan Stock Exchange, Farrukh Subzwari reaffirmed PSX’s commitment to transforming the capital market into a platform for purposeful solutions—especially in addressing climate risk, food insecurity, and the structural gaps facing Pakistan’s economy. He highlighted that while initiatives like the Sunridge Agri-Infrastructure Sukuk mark a promising start, the journey ahead demands far deeper collaboration. Banks, fund managers, corporates, regulators like SECP, and institutional investors must work together to build the ecosystem for sustainable finance. He emphasized that PSX will continue to serve not just as a marketplace, but as a catalyst for innovation, inclusion, and resilience—where ideas translate into impact and capital is mobilized for national priorities.

This landmark event at PSX underscores the collective vision of all stakeholders to foster innovative, Shariah-compliant financing avenues that drive Pakistan’s sustainable infrastructure and agricultural development.