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Shah, et al.

The Peshawar BRT project, backed by the Asian but uptake has been slow. Commercial banks have yet
Development Bank, features dedicated lanes and an to establish dedicated green finance portfolios, and only
efficient ticketing system to reduce emissions and a few pilot green bonds have been issued through the
enhance public transit. Similarly, the Karachi BRT Red PSX. On the recipient side, most funding has gone to
Line Project, supported by international financing, aims infrastructure-linked transport projects, while financing
to introduce electric buses and intelligent transport for private-sector EV adoption and innovation remains
systems. Another initiative, Green BRT Karachi, seeks minimal. Despite policy declarations, Pakistan’s green
to develop a zero-emission BRT system incorporating finance ecosystem remains underdeveloped, with little
electric buses and green infrastructure. In addition, data transparency and few measurable milestones in
Pakistan is moving toward sustainable and multimodal fund disbursement or project completion.
transport systems by promoting cycling, walking, and
non-motorized transport options. The Pakistan Electric 3. Methodology
Vehicle Policy (2020) offers tax relief, reduced import
duties on EV parts, and incentives for charging-station This research employed a qualitative method to gain an
development. The policy targets 30% EV adoption in-depth understanding of stakeholder perspectives on
30
by 2030, marking a significant step toward cleaner and green financing in sustainable transportation. A semi-
more sustainable transport. structured interview approach was used to collect detailed
While the terms “green finance” and “climate and nuanced data, allowing participants to elaborate
finance” are sometimes used interchangeably, they have on their experiences while maintaining consistency in
distinct scopes. Climate finance refers specifically to data collection. This method facilitated the exploration
funding aimed at reducing greenhouse gas emissions of complex themes that are not easily quantifiable.
and enhancing climate resilience, as defined under the The study followed the Quadruple Helix framework,
United Nations Framework Convention on Climate which incorporates perspectives from: (i) Government
Change. Green finance, a broader concept, includes officials, (ii) non-governmental organizations (NGOs),
climate finance but also encompasses investments (iii) academia, and (iv) international organization
in environmental sustainability, such as biodiversity representatives. These groups were selected for their key
conservation, clean water, and pollution reduction. This roles in shaping, implementing, and influencing green
study uses “green finance” as the overarching term finance policies and initiatives. Purposive sampling was
but distinguishes between the two where necessary, applied to ensure participants had relevant expertise,
especially when stakeholder insights pertain specifically while convenience sampling facilitated accessibility
to climate finance. during participant selection. Ethical considerations,
To frame the barriers to green finance more robustly, including informed consent and confidentiality, were
this study drew on relevant conceptual models in addition strictly upheld throughout the research process.
to the Quadruple Helix. Ecological modernization A total of 14 semi-structured interviews were
theory helps explain how environmental reforms can be conducted, each lasting approximately 40 – 60 min,
integrated into capitalist structures through institutional allowing participants to elaborate on their perspectives
innovation, policy alignment, and technological while ensuring consistency across interviews.
advancement. It supports the idea that effective green Participants were selected through a purposive sampling
financing depends on regulatory modernization and strategy, targeting individuals directly involved in
private sector engagement. In addition, institutional sustainable transportation, policy development, or
theory is relevant in understanding how organizational climate finance. Additional convenience sampling
norms, bureaucratic inertia, and lack of legitimacy was used to ensure practical access to stakeholders.
hinder the adoption of green finance mechanisms. These Participants included representatives from government
frameworks help contextualize Pakistan’s fragmented agencies, NGOs, academia, civil society, and
financial governance and support the identification international organizations. The interview guide was
of structural barriers in the policy–finance nexus. In validated by two subject matter experts who reviewed
Pakistan, green finance initiatives have primarily been the questions for clarity, relevance, and alignment with
supported by multilateral donors such as the Green the research objectives. Their feedback led to minor
Climate Fund (e.g., Green BRT Karachi), the World revisions to question structure and wording, improving
Bank, and the Asian Development Bank. Domestically, clarity and contextual appropriateness for Pakistani
the SBP introduced Green Banking Guidelines in 2017, stakeholders.

Volume 22 Issue 4 (2025) 114 doi: 10.36922/AJWEP025160121