The Climate Finance Accelerator (CFA) South Africa has announced 13 innovative low-carbon projects it will support to support financing from investors following a request for proposal that received 120 applications. The CFA is part of the UK Government’s efforts to help South Africa combat climate change and support a just transition.
The CFA cohort’s projects span a variety of sectors including waste management, energy and transportation. Some of them reduce emissions while increasing sustainable mobility alternatives in cities, while others support the growth of renewable energy in South Africa.
To ensure that selected projects are best positioned to attract investment from South African and international financiers, projects will receive advising on capacity-building support and improvement in areas such as low-carbon technology, and mixed finance from public and private sources. Gender, equality and social inclusion. Once funded, the project will benefit communities across South Africa through pollution reduction, employment opportunities, energy access, water conservation, improved food safety, and support for gender equality and social inclusion efforts.
The CFA is funded by the UK Government’s Department of Business, Energy and Industrial Strategy (BEIS). The CFA will support South Africa’s efforts to meet the priorities set forth in Nationally Determined Contributions under the Paris Agreement by bringing together stakeholders capable of developing and financing climate projects at scale.
Acting British High Commissioner for South Africa Adam Bye said:
The South African Cabinet recently approved a more ambitious nationally determined donation ahead of COP26. Achieving this level of ambition by 2030 and achieving net zero by the mid-century requires the development of low-carbon alternatives in all sectors of the economy. So I’m excited to see the projects the Climate Finance Accelerator is supporting in the first cohort, including key sectors like water, sustainable agriculture, waste management and green transport. CFA support helps secure the necessary funding for these and other innovative projects as part of delivering green growth and transformation.
NBI CEO Joanne Yawitch, member of the South African Presidential Commission on Climate Change (PCCC), said:
SA’s climate commitment to the UNFCCC ahead of COP26 demonstrates the increased level of ambition the private sector can deliver through domestic and international financial revitalization. This will enable us to realize our investment potential in SA through the active support of climate projects and SMME, making our transition fair, inclusive and economically competitive.
GreenCape Energy and Climate Finance Program Manager Jack Radmore said:
The South African ecosystem is perfectly poised for interventions that support the country’s efforts to implement nationally-determined contributions by bringing together stakeholders who can develop and finance climate projects at scale. If this restructuring can be done in a legitimate way, there will be opportunities to address many of the existing social ills through increased investment, new jobs and new technologies. This is especially true when investing in long-term infrastructure projects with lasting economic, environmental and socio-economic impacts.
The project is receiving personalized support ahead of a four-day event at the end of October. To date, support has included individual needs assessment discussions and analysis of each project from a financial and technical perspective. The October event will allow project proponents to further refine their financial structure through personalized discussions with interested financial institutions. The event will also provide an opportunity for all participants to network and for policy makers and other initiatives in the field of climate finance to learn from landscape mapping results and recommendations.
CFA projects include:
Black Jellyfish Breeding, South Africa – We provide black sickle fly larvae that anyone can grow and are used to produce products such as protein meal, insect oil, biodiesel and soil conditioner. Go-Lectric – Provides electric scooters to middle-class and low-income urban commuters, as well as a growing short-distance delivery market. It also develops solar battery charging infrastructure. Green Cab – The Green Cab brand, where female drivers are connected to corporate services, to set up a cab department to drive electric vehicles on a national e-hailing app. Greenline Africa aims to revolutionize the way industrial processes produce heat and steam by switching from fossil fuels to dynamic solar collectors, a powerful renewable resource. This will reduce manufacturing costs and create sustainable jobs. MOTU – installation of cloud-based metering and renewable energy equipment in new development and renovation buildings. Artificial intelligence optimizes energy use over time to monitor energy use in real time. RBN Fund Managers (PTY) Ltd and GFA Climate and Infrastructure (PTY) Ltd – a new vehicle to address South Africa’s climate infrastructure financing challenges by streamlining project financing into a single, blended financing instrument through a partnership between commercial banks and institutional investors. Renewco – State-of-the-art biogas and other renewable energy solutions for small-scale operations that positively impact the natural environment through wastewater management and irrigation water recovery. Africa Funding Restoration – Promote large-scale climate smart conservation and regenerative agriculture by helping farmers adapt to climate change while mitigating agricultural-based emissions and increasing soil carbon sequestration. SANERGY – Applying a circular economy approach to safe waste disposal and reuse while addressing critical food security and environmental challenges in fast-growing cities. The Sanergys Nairobi facility has the capacity to convert 72,000 tonnes of waste annually into insect protein for animal feed, organic fertilizer for horticulture and biomass fuel for industrial use. We are now setting the scope of our expansion to South Africa. Spark Plaid Solar – A solar rooftop marketplace that makes solar power simple for homeowners and businesses by managing and streamlining the fragmentation of solar installers, product suppliers and financiers. Ukuqala Okusha – The first industrial black-owned organic fertilizer company to enter the agricultural sector. Sewage is treated using black bottle flies, from which fertilizer protein oil and water are extracted. Profits from fertilizer are reinvested in the community. Wetility – Enables customers to generate and store solar energy, automatically release stored electricity to power homes and businesses, protect against grid outages and save energy costs. For media inquiries, please contact:
British High Commissioner
Director of Public Diplomacy and Communications
Mobile: +27 (0)81 040 2671
Email: [email protected]
Note to editors: The first cohort of CFA South Africa includes projects from the following companies: BSF Breeding South Africa; green cap; Greenline Africa(Pty) Ltd & Absolicon South Africa(Pty) Ltd; high-trick; K2021528715 (PTY) Ltd Joint venture between RBN Fund Managers (PTY) Ltd and GFA Climate and Infrastructure (PTY) Ltd MOTU Utility; Renuco; Africa Fund Restoration SANERGY; Spark Plaid Solar; Ukukala Okusha; and wettability. UK Support for South Africa in Sustainable Finance: Over 200 million UK International Climate Finance (ICF) used for South African programs supporting the development of clean technologies such as battery storage, clean energy, coal conversion programs, renewable energy and energy efficiency has been . The UK is also spending $3.4 million this year through its bilateral UK PACT program to provide technical assistance to support equitable and accelerated climate change, including project support in the energy, sustainable finance and sustainable transport sectors. UK Department of Business, Energy and Industry Strategy (BEIS): CFA is funded by BEIS’ International Climate Finance. BEIS is the UK government department responsible for business, industrial strategy, science, research and innovation, energy and clean growth and climate change. UK International Climate Finance is the UK government’s commitment to helping developing countries respond to climate change. The UK has committed to spending at least $11.6 billion in international climate finance between 2021 and 2025. This is the UK’s contribution to the developed country’s goal of mobilizing $100 billion per year in climate finance by 2020, which underpins the Paris Agreement. The National Business Initiative (NBI) is a voluntary coalition of businesses that has worked over the past 25 years for a resilient and inclusive economy, builds the trust that enables action, and empowers stakeholders to engage in economic and social change. NBI members include major publicly traded companies in a significant number of countries, many major state-owned companies, and a variety of mid-sized companies. Since its inception in 1995, NBI has had a distinct impact in the areas of climate change, water and energy efficiency, regional economic development, public sector empowerment, additional education and training, public-private partnerships and, more recently, social transformation. . GreenCape is a non-profit organization driving widespread adoption of economically viable green economy solutions in South Africa. The team works with businesses, investors, academia and government to realize the investment and employment potential of green technologies and services and support the transition to a resilient green economy. GreenCapes’ vision is to use green economic principles to create a prosperous and prosperous Africa. Our goal is to be globally relevant in promoting the utilization of green economy infrastructure solutions in the context of developing countries. The global CFA program is offered by PwC UK in partnership with Ricardo.
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