Projects in the CFA cohort come from a range of sectors including waste management, energy and transport. Some of them will increase sustainable mobility alternatives in cities while reducing emissions, whilst others support the growth of renewable energies in South Africa.
To ensure the selected projects are in the best position to attract investment from South African and international financiers, the projects will receive capacity building support in areas such as low-carbon technologies, blending finance from public and private sources, as well as advice on enhancing gender, equality and social inclusion. If they secure funding, the projects will benefit communities across South Africa through pollution abatement, employment opportunities, access to energy, water conservation, improved food safety, and by supporting gender equality and social inclusion efforts.
The CFA is funded by the UK government’s Department of Business, Energy and Industrial Strategy (BEIS). By bringing together stakeholders who can develop and finance climate projects at scale the CFA will support South Africa’s efforts to meet the priorities set out in its Nationally Determined Contribution under the Paris Agreement.
Acting British High Commissioner to South Africa, Adam Bye, said: “South Africa's Cabinet recently approved a new more ambitious Nationally Determined Contribution ahead of COP26. To help deliver this level of ambition by 2030 and net zero by mid-century, every sector of the economy will need to develop low-carbon alternatives. I am therefore delighted to see the projects the Climate Finance Accelerator is supporting in its first cohort, including in key sectors like water, sustainable agriculture, waste management and green transport. The CFA’s support is all about helping unlock the finance that these and other innovative projects will need as part of delivering green growth and transition.”
NBI CEO, Joanne Yawitch, a commissioner on the South African Presidential Climate Change Commission (PCCC), said: |“SA’s climate commitments to the UNFCCC in the lead up to COP26 show an enhanced level of ambition, which the private sector can help deliver through the activation of domestic and international finance. This will enable the realisation of investment potential in SA through the active support of climate projects and SMMEs, thereby ensuring our transition is just, inclusive and economically competitive.”
GreenCape Energy and Climate Finance Programme Manager, Jack Radmore, said: “The South African ecosystem is perfectly primed for an intervention that supports the country’s efforts to implement its Nationally Determined Contribution by bringing together stakeholders that can develop and finance climate projects at scale. If this reorganisation can be done in a 'just' way, an opportunity arises to address many of the existing social ills through increased investment, new jobs and new skills. This is particularly true when investing in long-term infrastructure projects which will have lasting economic, environmental and socio-economic impacts.”
The projects have been receiving tailored support ahead of a four-day event at the end of October. The support so far has included individual needs assessment discussions and analysis of each of the projects from financial and technical perspectives. The October event will allow project proponents to further refine their financial structuring through tailored discussions with interested financial institutions. The event will also provide an opportunity for all participants to network and for policymakers and other initiatives in the climate finance space to learn from the landscape mapping findings and recommendations.
The CFA projects include:
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