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Shah, et al.

5. Conclusion (iii) Strengthen stakeholder coordination platforms at
national and provincial levels by establishing a
This study explored the barriers and opportunities Green Transport Finance Task Force, co-chaired
for mobilizing green finance to promote sustainable by the Planning Commission and civil society
transportation in Pakistan. The findings revealed that networks, to be formalized within 6 months.
high infrastructure costs, limited financial instruments, (iv) Build capacity across financial institutions and
policy misalignment, and weak institutional capacity line ministries, targeting mid-career officers
are core impediments. These challenges directly reflect through joint training programs developed in
the study’s first objective of identifying barriers to collaboration with academic partners such as the
green finance implementation. In addition, while the National University of Science and Technology,
research found limited use of green bonds, climate Lahore University of Management Sciences, and
funds, and PPPs, it also highlighted stakeholder the Sustainable Development Policy Institute by
interest in innovative mechanisms like blended finance, mid-2026.
addressing the second objective of exploring alternative
instruments. The Quadruple Helix perspective revealed Acknowledgments
fragmented collaboration among government, private,
academic, and civil society actors, underscoring the The authors are grateful to all the stakeholders and
need for enhanced coordination in line with stakeholder- experts who participated in the interviews and generously
focused goals. shared their insights. We also thank the faculty and
Interestingly, some stakeholder perspectives diverged administrative staff at the National University of
from prevailing public assumptions. For instance, while Sciences and Technology for their guidance and support
public discourse often attributes the failure of green throughout the research process.
transport initiatives to technology or public behavior,
several participants emphasized that policy incoherence Funding
and a lack of institutional accountability are the true
limiting factors. Others challenged the assumption that None.
public transport electrification alone would resolve
urban congestion, pointing instead to governance Conflict of interest
and planning issues. These contrasting perspectives
highlight the need for further research into policy The authors declare no conflicts of interest.
execution and stakeholder coordination.
Author contributions
6. Recommendations for action
Conceptualization: Umelaila Shah Atiqah Binte Fayyaz
Based on the findings of this study, the following Formal analysis: Atiqah Binte Fayyaz, Rana Sakandar
actionable recommendations are proposed to enhance Hayat
the mobilization of green finance for sustainable Investigation: Atiqah Binte Fayyaz
transport in Pakistan: Methodology: Atiqah Binte Fayyaz, Hamza Iftikhar
(i) Develop a national green transport finance strategy Project administration: Umelaila Shah
within 12–18 months, led by the Ministry of Supervision: Umelaila Shah
Finance and the Ministry of Climate Change, Writing – original draft: Atiqah Binte Fayyaz
with technical support from the SBP. This strategy Writing – review and editing: All authors
should establish eligibility criteria, risk-mitigation
tools, and a project pipeline mechanism. Availability of data
(ii) Activate and expand the use of green bonds and
blended finance, particularly for urban electric The data supporting the findings of this study are
bus systems and EV charging infrastructure. The available from the corresponding author on reasonable
PSX and SBP should co-lead a working group by request. However, due to confidentiality agreements
Q2 2025 to design guidelines and facilitate investor with interview participants, full transcripts are not
participation. publicly available.

Volume 22 Issue 4 (2025) 120 doi: 10.36922/AJWEP025160121