Campaign: Climate

FSD Africa Marks 10 Years Of Greening Financial Markets Across Africa

Posted on by TIMOTHYRADIER

Key points

  • These efforts have led to large-scale and long-term change, providing access to financial services to over 10.2 million people and addressing issues related to financial exclusion.

FSD Africa, a UK aid-funded specialist development agency, today celebrated a decade of strengthening financial markets across Africa, growing economies, increasing incomes for vulnerable populations, and combatting poverty.

FSD Africa has made significant strides over the past decade by advancing policy and regulatory reforms, enhancing financial infrastructure, and increasing capacity, all while tackling systemic issues in Africa’s financial markets.

These efforts have led to large-scale and long-term change, providing access to financial services to over 10.2 million people and addressing issues related to financial exclusion. During the Covid-19 pandemic, FSD Africa observed a remarkable 87% increase in the demand for and use of remittance services, which played a crucial role in protecting families from the pandemic’s financial impacts.

FSD Africa’s market-building initiatives have resulted directly or indirectly in £1.9 billion of long-term capital made available for SMEs, affordable housing, and sustainable energy projects, among others. Its support for financial sector innovation has increased access to financial services for close to 12 million Africans, while its support for business growth has improved access to finance for more than 3 million African businesses and led directly or indirectly to the creation of over 35,000 new jobs.

Speaking during the event, Mark Napier, CEO at FSD Africa said: “Celebrating over ten years of our trailblazing work across Africa is special: in a short space of time, we have strengthened and developed financial markets and tapped into capital by using new instruments such as green and gender bonds. The future is key, and I look forward to continuing our hard work with our collaborative and innovative team. I have no doubt that we will continue to support and address Africa’s expanding needs as we move towards sustainable economic development.’’

Future-focused, FSD Africa’s strategy has evolved to address Africa’s expanding needs, with a greater emphasis on identifying innovative methods to mobilize resources for sustainable economic development. The organization has recently boosted its investment into projects that enable an equitable transition to a green future for Africa after several successful initiatives, including developing regulations and assisting green bond issuance programs in Kenya and Nigeria. The organization’s green portfolio and pipeline have expanded because of continuous investments in programs that provide environmental and social consequences, with close to £50 million being invested in green initiatives.

Jane Marriott, OBE, British High Commissioner to Kenya said: ‘”The UK is continually working with Kenya to promote green finance and economic growth as part of the UK-Kenya Strategic Partnership. FSD Africa is delivering on these priorities in Kenya and across the continent, creating over 35,000 jobs and leveraging more than KES 300 billion into sectors like renewable energy. I look forward to FSD Africa’s continued work in the years ahead.”

Prof. Njuguna Ndung’u, Cabinet Secretary, Kenya National Treasury said: ‘’Kenya’s partnership with FSD Africa has created a favorable environment for the growth of our local capital markets, resulting in increased interest from both domestic and foreign investors. FSD Africa also played a crucial role in establishing the Nairobi International Financial Centre (NIFC), positioning Kenya to receive more financial flows. We look forward to collaborating more closely with FSD Africa on green finance initiatives to promote sustainable development while addressing climate change challenges.’’

Read original article

Niger’s National Adaptation Plan presents its path to climate resilience

Posted on by TIMOTHYRADIER

March 2023 – Recognizing that climate change is one of the key stressors of food insecurity and poverty, the Government of Niger set forth institutional arrangements to develop a National Adaptation Plan (NAP) to ensure resilience to climate impacts.

Niger started building the foundations of its NAP in May 2014, with support the National Adaptation Plan Global Support Programme (NAP-GSP) with funding from the Global Environment Facility. With the NAP-GSP, Niger began stocktaking existing frameworks and policies and identifying priority areas for adaptation interventions. By December 2017, Niger’s project proposal for “Advancing medium and long-term adaptation planning and budgeting in Niger” was approved the Green Climate Fund (GCF).

Niger’s NAP project has been delivered in synergy with other initiatives in the country. It supported the National Disaster Risk Prevention and Management Facility to integrate climate change into its strategy, and the development of the nationally determined contribution (NDC) through gender studies and climate scenarios.

With support from UNDP, Niger’s formulated and finalized a National Adaptation Plan that was submitted to the UNFCCC on 14 November 2022. The NAP outlines 25 adaptation options and prioritized five sectors (livestock, health, transport, forestry and wetlands). These sectors are intrinsically linked to the population’s food security, economy, development and well-being.

Adapting the livestock

When precipitation levels drop, animal fodder becomes unavailable which causes price inflation and impacts animal health and meat production. Such climate variabilities pose a serious threat to the national economy, increase pressures on pastoral ecosystems and consequently, soil erosion on a mass scale, which ultimately threatens livelihoods. Niger’s NAP outlines a plan of action for livestock, one of the five main sectors, which consists in developing pastoral areas and enhance animal feed banks. Priority will go towards promoting peri-urban livestock, including non-conventional livestock and the application of animal biotechnologies, such as AI and cryopreservation. Additionally, it will provide greater access to agro-meteorological information and build capacity of breeders.

Protecting wetlands and water resources

Water resources, such as wetlands, play an important role in feeding the population and livestock sector and are also strongly impacted by climate change. They also impact the road infrastructure, irrigation and agriculture production. Groundwater resources result from hydrogeological characteristics of each aquifer, in particular the mode and conditions of which it recharges. Despite this potential, Niger faces barriers of mobilization, accessibility and optimization of resources available.

Climate change and health

The current climate shocks and future climate projections have been analyzed through a study on health in Niger and focused on several health risks, including malaria, measles, meningitis, malnutrition, respiratory infections, cardiovascular disease and mortality. Niger’s NAP highlights the main impact to public health results from heat waves, increased temperatures and changes to precipitation levels. The NAP outlines actions to raise public awareness and train medical staff and health personnel to take climatic diseases into account and be educated on the differentiated needs of men and women.

Strengthening the resilience of women

Niger’s NAP also puts a strong emphasis on gender considerations in its NAP. For example, animal husbandry is one of the easiest ways to strengthen the resilience of a household as the animals can be a form of savings and can be sold to satisfy urgent financial needs. In Niger, women only own 28 percent of cattle, which underscores an inequality between genders in the livestock sector. Following sociological field studies, the results showed that in certain localities, some animals are automatically declared as part of the man’s heritage when in fact, even when they actually belong to the woman.

The NAP provides a course of action to improve the resilience capacity of members of women’s associations through the implementation of income-generating activities. The country will develop adaptation technologies that consider the conditions of the women’s associations based on traditional knowledge and work to strengthen the entrepreneurial skills of women and young people.

Read original article

Horn of Africa drought worse than 2011

Posted on by TIMOTHYRADIER

1. Horn of Africa drought persists

Three years of drought conditions in the Horn of Africa show no signs of letting up, according to a Kenya-based climate monitoring group. The IGAD Climate Prediction and Applications Center (ICPAC) says that below average rainfall is expected over the next three months, which is normally the region’s rainy season.

“In parts of Ethiopia, Kenya, Somalia, and Uganda that have been most affected by the recent drought, this could be the 6th failed consecutive rainfall season,” ICPAC predicts.

In contrast “wetter than normal conditions are expected over the cross-border areas of Ethiopia and South Sudan, north-western Kenya, and parts of central and southern Tanzania”, says the climate centre. Temperatures are also likely to be higher across the region, it adds.

The IGAD Climate Prediction and Applications Center (ICPAC) says that below average rainfall is expected over the next three months, which is normally the region's rainy season.

The IGAD Climate Prediction and Applications Center (ICPAC) says that below average rainfall is expected over the next three months, which is normally the region’s rainy season. Image: ICPAC

In the most severely affected areas, drought conditions are worse than in 2010-2011 when hundreds of thousands of people died, according to ICPAC. An estimated 23 million people are currently “highly food insecure” in Ethiopia, Kenya and Somalia, and 11 million livestock in the region have died, it says.

IGAD has also announced plans to partner with the International Federation of Red Cross and Red Crescent Societies (IFRC) to help address the crisis. “These prolonged and recurrent climate change induced droughts will further worsen other existing, mutually exacerbating humanitarian challenges in the region, including the ongoing hunger crisis, the impacts of COVID-19 and internal displacement,” said IFRC director Mohammed Mukhier. “We need an all-hands-on-deck approach to strengthen food systems, livelihoods, and climate resilience.”

2. Plastic use in G20 could nearly double by 2050

Plastic use in G20 countries is on course to nearly double by the middle of the century unless a comprehensive and legally binding global treaty to curb consumption is drawn up, according to research.

Existing programmes to boost recycling or cut single-use plastic consumption only “scratched the surface” and a more comprehensive global plan is required, according to Back to Blue, a research group run by the Economist Impact think-tank and the Nippon Foundation, a private philanthropic organisation.

The United Nations began talks in November on an agreement to tackle plastic pollution. Around 175 countries have signed up to the talks which aim to draw up a legally binding treaty by the end of 2024.

However, if negotiations fail, annual plastic production in G20 countries could rise to 451 million tonnes by 2050 according to current rates of growth, Back to Blue says – up nearly three-quarters from 2019.

“There should be no illusions that the treaty negotiations will be anything but difficult and treacherous,” the research group said. “The chances of failure – not just that no treaty emerges but one that is too weak to reverse the plastic tide – are considerable.”

It’s calling for a more aggressive ban on single-use plastic, together with higher production taxes and mandatory schemes to make firms responsible for the entire lifespan of their products, including recycling and disposal.

3. News in brief: Top climate crisis stories this week

The fossil fuel industry is failing to tackle methane emissions despite its pledges to uncover and fix leaking infrastructure, according to a report by the International Energy Agency (IEA). The global energy industry released some 135 million tonnes of the potent greenhouse gas into the atmosphere in 2022 – only slightly below the record amount released in 2019.

Developed nations' failure to deliver on a decade-old commitment to pay billions in annual climate financing to developing nations is a "travesty".

Developed nations’ failure to deliver on a decade-old commitment to pay billions in annual climate financing to developing nations is a “travesty”. Image: IEA

Developed nations’ failure to deliver on a decade-old commitment to pay billions in annual climate financing to developing nations is a “travesty”, according to Achim Steiner, administrator of the UN Development Programme. Wealthy nations are yet to deliver on the 2009 pledge to provide $100 billion per year to help developing nations mitigate rising global temperatures.

Total ecosystem collapse is “inevitable” unless unprecedented current wildlife losses are reversed, The Guardian reports. Scientists studying the Permian-Triassic extinction event of 250 million years ago, known as the “Great Dying”, found that ecosystems can reach a tipping point from which they are unlikely to recover.

The carbon price in the EU’s emissions trading system has gone over 100 euros ($105) per tonne for the first time, reports the Financial Times. It’s seen as a landmark moment as it may encourage companies to invest in technologies to fight the climate crisis, like carbon capture, utilization and storage.

A team of influential economists has published a report urging China to adopt a new development model based on “wellbeing” rather than GDP growth in order to fulfil its 2060 net-zero emissions goals. China aims to bring emissions to a peak by 2030, though at what level they will peak is currently unclear.

France is preparing to introduce restrictions on water use in parts of the country from March, in an unprecedented move for the time of year. It follows the driest winter in 64 years.

New data shows that only 0.4% of companies have a credible climate transition plan, reports Energy Monitor. An assessment of 18,600 companies by non-profit the Carbon Disclosure Project found that only 81 of the 4,000 claiming to have a climate transition project in place had a plan that met all of its key indicators for transition.

4. More on the climate crisis on Agenda

Resource recovery and waste management are essential parts of a circular economy. However, two experts from Saahas Zero Waste argue that there is large-scale global resistance to taking accountability for the materials we use and consume.

A Berlin neighbourhood will embark on a novel experiment this coming summer: eliminating parking spaces. The idea behind the project is to devote the space usually reserved for cars to other uses like growing plants or providing recreation.

Australia and New Zealand have both faced a series of devastating floods triggered by the climate crisis and the return of the La Niña weather pattern. In the aftermath of Cyclone Gabrielle, a climate expert explains how Australia’s experiences might offer New Zealand a guide for recovering.

Read original article

African tech start-ups rise up to combat climate change

Posted on by TIMOTHYRADIER

AfricArena’s much-anticipated annual report says climate-tech can be grouped into three broad sectors of impact: directly mitigating or removing emissions, helping us to adapt to the impacts of climate change, and enhancing our understanding of the climate.

These products or services usually fall within sectors such as agri-technology, afforestation, carbon capture, trade and reporting, geo-engineering, bio-technology, built environments, and nature-based solutions.

In 2021, investments in climate-tech surged globally to $87.5 billion dollars from a low of $28 billion in the second half of 2020, according to a report by PwC. The US climate-tech firms raised the largest share, followed by Europe and China. Most of the capital funding growth targeted climate-tech-based businesses that had impacts in cutting carbon emissions through renewable energy and electric vehicle products and services.

However, as the report states, there has been a decrease in the number of deals being signed off with climate-tech based start-ups due to the pressures of the global economy with risks of a suggested recession on the horizon.

Venture capital firms and investors have thus invested into the safety and stability of well-established climate-tech businesses in their growth stages of funding, such as Northvolt, TeraWatts, PerraPower, Climeworks, and EnergyX. According to HoloniQ’s Climate Tech 2022 report, 83 climate-tech-based unicorns took 80% of the funding.

Despite this, there are still many climate-tech start-ups in Africa that are bettering the world through sustainable technologies. One example is M-Kopa Solar, a Kenyan start-up that provides affordable and clean energy to people living off-grid. Another example is Solar Freeze, a Kenyan company that provides off-grid solar-powered refrigeration to smallholder farmers in Africa. These start-ups are helping to address the energy needs of people in rural areas, where electricity is often unreliable or unavailable.

SunCulture, a Kenyan company, produces solar-powered irrigation systems for smallholder farmers. These systems allow farmers to irrigate their crops more efficiently and effectively, reducing water usage and increasing crop yields. Sun Culture has also developed a financing model that allows farmers to pay for the systems over time, making them more affordable and accessible.

Another promising African climate-tech start-up is Ecoligo, a company that provides solar energy solutions to small and medium-sized enterprises (SMEs) in emerging markets. Ecoligo offers a financing model that allows SMEs to install solar energy systems with no upfront cost, paying for them over time through the savings generated by the system.

This makes solar energy more accessible and affordable for SMEs, which often struggle to secure financing for such projects.

Economic opportunities

These start-ups, and many others like them, are not only addressing the urgent need to address climate change but also creating economic opportunities in Africa. It is clear that climate technology has moved well beyond a proof of concept and offers investors significant financial returns and the opportunity for outsized environmental and social impact. Climate-tech is now an asset class that presents a major commercial opportunity.

However, it is important to note that there is still much work to be done to channel this investment appropriately. There is a need to ensure that climate-tech investment is channelled towards sustainable technologies that have a real impact on reducing emissions and mitigating climate change.

Moreover, there is a need to ensure that these technologies are accessible and affordable for people in developing countries, where the impacts of climate change are often felt most severely.

In conclusion, the State of Tech in Africa report on climate change provides valuable insights into the challenges and opportunities facing the continent in the fight against climate change. While Africa faces unique challenges due to its geography, socioeconomic factors, and limited technological infrastructure, the report highlights how technology can be leveraged to mitigate the impacts of climate change and build a more sustainable future.

It is clear that African governments, businesses, and individuals must work together to adopt and implement innovative solutions that address the complex issues related to climate change. The report emphasises the importance of investing in renewable energy, promoting sustainable agriculture, and creating resilient infrastructure to adapt to changing climate conditions.

As we move forward, it is essential to recognise that climate change is not just an environmental issue but also a social, economic, and political challenge. Therefore, we must prioritise collaboration and collective action to ensure a sustainable future for the continent.

The State of Tech in Africa 2023 report – and its specific analysis on climate change – serves as a wake-up call for all of us to take action and make a positive impact on the world. We must embrace the power of technology to drive innovation and create solutions that benefit both people and the planet. With the right mindset and a concerted effort, we can build a brighter future for Africa and the world as a whole.

Read original article

African Startups to Receive $385,000 to Develop Solutions for the Blue Economy

Posted on by TIMOTHYRADIER

Triggering Exponential Climate Action (TECA) has announced the selection of seven startups that would benefit from the $385,000 startup grant, with each receiving $55,000 in funding to advance their solutions for the blue economy in Africa.

The startup founders were selected following their participation in TECA’s fellowship program, where they were supported to create ideas for companies in the blue economy, build teams, and form companies.

Each startup will receive $27,500 in seed capital and $27,500 in hands-on venture building support to progress financial and tech-enabled solutions that bolster the climate resilience of communities and ecosystems in and around the oceans, lakes, and rivers across the Eastern region of Africa.

Announcing the grant, Chairman and Chief Innovation Officer at BFA Global, David del Ser, said: “Through the TECA program, we are proud to support and accelerate the development of innovative solutions that will protect and sustain the environment and vulnerable communities in the Eastern coast of Africa. These seven startups represent the forefront of the blue economy in Africa, and we look forward to seeing the impact of their financial and tech-enabled solutions on communities and ecosystems.”

Digital Economy Director at FSD Africa, Juliet Munro, said: “The ventures that have been formed through the TECA program are an inspiration. They represent young Africans – including women – coming forward with great ideas and solutions to climate-related challenges, in this case, in the blue economy. I’m proud that FSD Africa is supporting this initiative, which leverages finance and technology to help build resilience and create opportunity in the context of climate adversity. Through our partnership with BFA Global, we plan to roll out TECA beyond the blue economy to also solve for other challenges and geographies across Africa.”

Read original article

Seven blue economy startups secure seed funding to enhance climate resilience in Africa

Posted on by TIMOTHYRADIER

ImpactAlpha, February 15 – Community-powered mangrove restoration. Restocking local fish supplies. A marketplace for seaweed farmers.

Triggering Exponential Climate Action, or TECA, invested $27,500 each in seven oceans and seafood enterprises in Kenya, Egypt, South Africa, Uganda, Zimbabwe and Tanzania.

The partnership between BFA Global and FSD Africa also provides the companies with hands-on support.

“We look forward to seeing the impact of their financial and tech-enabled solutions on communities and ecosystems,” said BFA Global’s David del Ser.

Read original article

TNFD Momentum Gathers After COP15

Posted on by TIMOTHYRADIER

Final beta version to follow on heels of agreement on Target 15 in new Global Biodiversity Framework. 

Following the adoption of the Global Biodiversity Framework (GBF) at Montreal’s COP15, the Taskforce on Nature-related Financial Disclosures (TNFD) said the release of its V0.4 beta framework in March would further assist firms in assessing and reporting on biodiversity and nature-related risks.

Speaking at the TNFD’s ‘Moving to Action After Montreal’ webinar,  David Craig, Co-chair of the TNFD, called the GBF an “ambitious framework” and highlighted its role in “halt[ing] the degradation of nature and biodiversity”. He also underlined the importance of the GBF in ensuring “harmony in nature” by addressing restoring natural ecosystems, which the TNFD’s disclosure framework aims to support.

The GBF featured 23 targets and four goals, but Target 15 is viewed as vital to private-sector management of biodiversity-related risks.

Also speaking on the webinar, Emily McKensie, Technical Director at the TNFD, said there were “key points of conceptual alignment” between the finalised GBF – including Target 15 – and the TNFD framework.

Harmony in nature 

Target 15 requires governments to encourage companies and financial institutions disclose their risks, dependencies and impacts on biodiversity along their operations, supply and value chains, and portfolios.

“Target 15 means that disclosures on nature impacts, dependencies and risk are coming and we’re seeing more and more activity to support these,” said Craig. “The TNFD is a framework and a tool to support Target 15.”

McKensie underlined the momentum the TNFD could offer the GBF and Target 15, through its focus on helping firms and investors to disclose and risk manage nature-related impacts and dependencies.

She also highlighted the TNFD framework’s ability to help “operationalise” which organisations will regularly monitor, assess and disclose nature risks, dependencies and impacts, resulting in a “clear connection” to Target 15.

However, the GBF was accused of being “watered down” by a number of observers due the word ‘mandatory’ being excluded from the framework.

Maelle Pelisson, Advocacy Director at Business for Nature, who was privy to the behind-the-scenes negotiations at COP15, admitted that mandatory disclosures would have helped in “levelling the playing field” and demonstrating urgency.

Speaking on the webinar, Pelisson told onlookers the GBF would still help businesses to access data required to accelerate action on reducing negative impacts on nature. Pelisson also welcomed the engagement of businesses at COP15, as well as the rapid growth in momentum surrounding biodiversity and nature.

“We’ve seen this momentum growing so fast from March to December last year,” she said. “We can only expect that it will continue growing now that [the GBF] been adopted.”

September launch and beyond 

According to Craig, disclosures are important because they “demonstrate accountability”, but he stressed that they are “meaningless” unless companies take action.

“What’s really important is that companies have invested the time the talent, the knowledge and the skills,” he said. “Don’t underestimate the urgency of the crisis, but also the urgency of the movement,” he added. “The GBF agreement is ambitious [but] it’s real targets will be set by governments and businesses who will see growing pressure and action to align on these targets.”

The TNFD framework builds on the four core pillars of the Taskforce on Climate-related Financial Disclosures (TCFD) for corporates and investors, and is expected to be incorporated into the disclosure standards of existing sustainability standards bodies and national laws.

Alexis Gazzo, Europe West Sustainability Co-leader at EY, told attendees on the webinar that implementation of TNFD guidance will be much faster than TCFD due to the framework “building on the foundations that have been set up for climate”.

The TNFD will run a formal consultation where market participants can submit responses to a full draft of the beta framework from March until 1 June. The pilot testing of the framework, which has been running since 1 July 2022, will also finish on the same day.

The final beta framework is expected to provide additional guidance on disclosure metrics, measurement of impacts, dependencies and risks across supply chains, and the sector-specific reporting requirements, including agriculture, aquaculture and mining.

TNFD’s framework will then be finalised in September 2023.

The next UN Biodiversity Conference (COP16) is scheduled to take place in Turkey in 2024. It will likely see countries providing updates and reviews of their national biodiversity plans targets. Countries will also be expected to develop their national financial plans as a part of their resource mobilisation for implementation.

Read original article

7 African Startups To Receive $385k In Developing Solutions For Blue Economy

Posted on by TIMOTHYRADIER

Today, climate resilience venture launcher Triggering Exponential Climate Action (TECA) has announced the selection of seven startups to each receive $55,000 in funding to advance their solutions for the blue economy in Africa.

The startup founders were selected following their participation in TECA’s fellowship program, where they were supported to create ideas for companies in the blue economy, build teams, and form companies.

The TECA program, managed by BFA Global and supported by FSD Africa, was created to accelerate the development of climate-resilient solutions to protect and sustain the environment and

vulnerable communities. Each startup will receive $27,500 in seed capital and $27,500 in hands-on venture building support to progress financial and tech-enabled solutions that bolster the climate resilience of communities and ecosystems in and around the oceans, lakes, and rivers across the Eastern region of Africa.

“Through the TECA program, we are proud to support and accelerate the development of innovative solutions that will protect and sustain the environment and vulnerable communities in the Eastern coast of Africa. These seven startups represent the forefront of the blue economy in Africa, and we look forward to seeing the impact of their financial and tech-enabled solutions on communities and ecosystems,” said David del Ser, Chairman and Chief Innovation Officer at BFA Global.

“The ventures that have been formed through the TECA program are an inspiration. They represent young Africans – including women – coming forward with great ideas and solutions to climate-related challenges, in this case, in the blue economy. I’m proud that FSD Africa is supporting this initiative, which leverages finance and technology to help build resilience and create opportunity in the context of climate adversity. Through our partnership with BFA Global, we plan to roll out TECA beyond the blue economy to also solve for other challenges and geographies across Africa.” said Juliet Munro,

Digital Economy Director at FSD Africa.

Founders of the seven startups selected in the current cohort originate from six countries in Africa—Kenya, Egypt, South Africa, Uganda, Zimbabwe and Tanzania—with ideas focusing on bridging existing gaps in: aquaculture; ecotourism; measurement, reporting, and verification (MRV) in conservation; seaweed value chain; mangrove restoration and protection; and financial services for fisher folk. The startup companies and their solutions are:

  • AquaTrack: a data-driven solution for sustainable aquaculture production. They aim to provide a water quality monitoring device for fish farmers seeking to increase production and efficiency in their farms.
  • Carboni Bank: a community-centred platform for tourists to offset their carbon emissions and support local climate initiatives.
  • ConserVate: utilizing innovative digital technology to build local capacity for monitoring reporting and credible verification (MRV) of conservation impact for both funders and implementers to reverse the effects of climate change.
  • Mwani Blu: building a seaweed marketplace with high-level traceability, providing women smallholder farmers with dignified and stable incomes.
  • RegisTree: empowering coastal communities to be agents of climate change mitigation by facilitating their role in mangrove restoration and protection.
  • Vua Solutions: a fintech company seeking to provide affordable and responsible financial services to people working in the blue economy.
  • Wezesha Aqua Farms: seeking to address the dwindling wild capture fisheries stocks that negatively impact the livelihoods and socioeconomic status of local fishing communities around the great lakes region in Eastern Africa.

To further invest in the success of these startups, TECA will provide comprehensive venture building support that includes mentorship, capacity building, business model refinement, and support launching their products and services in the market.

Startups working on climate resilience solutions are encouraged to apply for the next TECA cohort.

Read original article

FSD Africa Targets to Back $400 Million of Green Bonds This Year

Posted on by TIMOTHYRADIER
  • Africa needs about $300 billion in climate financing annually
  • Private funding for green projects in Africa is very low

FSD Africa is in talks with potential green-bond issuers across the continent to raise at least $400 million for climate-linked projects this year.

The agency backed by the UK’s Foreign, Commonwealth & Development Office will be a transaction adviser on the deals it expects to come from countries, including Tanzania, Zambia, Nigeria and Morocco. The amount to be raised will be about 70% higher than what FSD Africa said it helped to mobilize in climate- and gender-related financing in 2022. 

Read original article