New South African low carbon projects join UK’s Climate Finance Accelerator

The 15 projects across the energy, transportation, circular economy and water sectors will receive tailored capacity building to help them attract investment

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Fifteen innovative low carbon projects from across South Africa have been selected to join the UK’s Climate Finance Accelerator (CFA).

It follows a call for proposals that attracted 166 applications, with the projects chosen across the energy, transportation, AFOLU (agriculture, forestry and other land uses), circular economy and water sectors.

They include a solution to use biomass as a green fuel, a cloud-based sustainability management system that supports agriculture and food businesses to develop, implement and report on sustainability strategies and replacing petrol and diesel motorbikes with electric alternatives.

The projects will receive tailored capacity building to help them attract investment from financiers, advice on financial models and pitch material, as well as advice on enhancing gender equality and social inclusion (GESI).

Following the capacity building and mentoring sessions, the projects will meet with investors and financial institutions at a workshop in early 2023, allowing project developers to further refine their financial structuring through personalised discussions with interested financial institutions.

CFA South Africa is part of the UK Government’s investment into South Africa’s transition to a low carbon economy and is delivered in partnership with the National Business Initiative (NBI) and GreenCape.

The UK contributed more than £250 million in International Climate Finance to support South Africa between 2011 and 2021.

British High Commissioner Antony Phillipson said: “It is fantastic to see that CFA South Africa has attracted so many high-quality applications from low carbon projects across the country.

“The projects selected to be part of the CFA are truly innovative and the variety of sectors that they cover demonstrate the vital role that business can play in helping to deliver green growth and tackle the climate emergency in South Africa.”