More money is going to African climate startups, but a huge funding gap remains
7 months, 3 weeks ago

More money is going to African climate startups, but a huge funding gap remains

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Still, the investment numbers for the climate tech sector — which includes businesses in renewable energy, carbon removal, land restoration and water and waste management — are compelling: Last year, climate tech startups on the continent raised $1.04 billion, a 9% increase from the previous year and triple what they raised in 2019, according to the funding database Africa: The Big Deal. That matters because climate tech requires experimentation, and VC firms that provide money to nascent businesses are playing an essential role by giving climate tech startups risk capital, said Adesina. “VCs are accelerating that pathway to transforming them.” Besides venture capital, other investments by private equity firms, syndicates, venture builders, grant providers and other financial institutions are actively financing climate initiatives on the continent. “Private sector financing in African climate is still rather low,” said founder and CEO Vincent Maposa.

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History of this topic

COP29: How $300 billion climate funding is an ‘optical illusion’
3 weeks, 2 days ago

COP29: How $300 billion climate funding is an ‘optical illusion’

Firstpost  

Much of the funding relies on mobilising private finance, which often translates to loans rather than grants. Nations already grappling with crippling debt burdens face the prospect of trading financial solvency for climate action A demonstrator displays hands that reads "pay up" during a protest for climate finance at the COP29 UN Climate Summit, November 23, 2024, in Baku, Azerbaijan. …

Finance COP fails to offer adequate finance to developing countries for climate action
1 month ago

Finance COP fails to offer adequate finance to developing countries for climate action

Live Mint  

New Delhi: After an extension and over two weeks of intense negotiations, the 29th UN climate change conference or COP29 in Baku finally reached a consensus on a new collective quantified goals on climate finance but disappointed developing countries with only $300 billion per year by 2035 as against a required $1.3 trillion. Onus on developed countries The final draft …

COP29: Bezos Earth Fund CEO on Climate Philanthropy
1 month, 1 week ago

COP29: Bezos Earth Fund CEO on Climate Philanthropy

Bloomberg  

00:00 Hello again and thank you very much for being with us today. So, for example, the work we're doing in the Congo Basin is risky, but is worth it because it's one of the three great tropical forest areas. So the money that you're deploying in biodiversity, do you feel like there's a way to sort of shift the …

Asia-Pacific risks growth amid climate crisis: ADB
1 month, 3 weeks ago

Asia-Pacific risks growth amid climate crisis: ADB

China Daily  

A view of CBD area in Beijing on June 20, 2023. Rising sea levels and falling labor productivity would slash growth in the Asia-Pacific region, which needs an annual investment of at least $102 billion in the next five years for adaptation measures to help offset the huge economic losses brought by climate change, the Asian Development Bank said on …

Broken promise
3 months, 2 weeks ago

Broken promise

New Indian Express  

CHENNAI: As the COP29 negotiations draw closer, the climate finance gap between developed and developing nations remains a major hurdle, casting a shadow over the upcoming summit. With less than three months to go, the pressure is mounting on wealthier countries to make good on their promises and agree to a new climate finance goal that adequately supports vulnerable nations …

Climate accountability: Disclose more, put checks before financing mega projects
7 months ago

Climate accountability: Disclose more, put checks before financing mega projects

New Indian Express  

The ‘Draft Disclosure Framework on Climate Related Financial Risks’ released by the RBI in February enjoins financial institutions, such as banks, to provide the public detailed information on how they are addressing risks to their investments arising from the climate crisis. Big-ticket investments by FIs in sectors like infrastructure and energy face direct physical risks from environmental changes like rise …

More money is going to African climate startups, but a huge funding gap remains
7 months, 3 weeks ago

More money is going to African climate startups, but a huge funding gap remains

Associated Press  

NAIROBI, Kenya — When Ademola Adesina founded a startup to provide solar and battery-based power subscription packages to individuals and businesses in Nigeria in 2015, it was a lot harder to raise money than it is today. Still, the investment numbers for the climate tech sector — which includes businesses in renewable energy, carbon removal, land restoration and water and …

Private sector holds key to climate finance
9 months ago

Private sector holds key to climate finance

China Daily  

A man sells camels at El Hirka Dhere livestock market in Mogadishu, Somalia, on July 30, 2020. The private sector, government and international organizations have reiterated that Africa needs to attract more private sector finance in order to bridge its climate finance gap. During the Climate Change Global Business Summit, speakers called on multilateral development finance institutions to strengthen their …

On 1st day, UN climate conference sets up fund for countries hit by disasters like flood and drought
1 year ago

On 1st day, UN climate conference sets up fund for countries hit by disasters like flood and drought

Associated Press  

DUBAI, United Arab Emirates — The world just took a big step toward compensating countries hit by deadly floods, heat and droughts. Sultan al-Jaber, the president of the COP28 climate conference in Dubai, hailed “the first decision to be adopted on Day One of any COP” — and said his country, the United Arab Emirates, would chip in $100 million. …

Finding funds for climate action risks ending up as a pipe dream
1 year, 2 months ago

Finding funds for climate action risks ending up as a pipe dream

Live Mint  

Low-income countries are in the throes of a liquidity crunch that is not only undermining their economic development but also deepening the global climate crisis. To overcome this dilemma, the African Union’s Nairobi Declaration on Climate Change proposes that countries be allowed to reschedule debts coming due to create fiscal space for ‘green growth’ policies and reforms, financed by MDBs. …

Climate summit opens in Kenya as Africa demands more say and financing
1 year, 3 months ago

Climate summit opens in Kenya as Africa demands more say and financing

Al Jazeera  

African leaders are determined to wield more global influence and have the world’s biggest greenhouse gas emitters pay their fair share. There are immense opportunities as well,” Ruto said of the climate crisis, speaking of multibillion-dollar economic possibilities, new financial structures, Africa’s huge mineral wealth and the ideal of shared prosperity. “We are not here to catalogue grievances.” And yet …

Finance barriers are hurting Global South’s climate transitions
1 year, 5 months ago

Finance barriers are hurting Global South’s climate transitions

Al Jazeera  

It is more expensive to borrow money for climate action projects in poor countries than in wealthy countries. It is a symptom of a wider problem: the global financial system is stacked against project developers in countries on the front lines of climate change. Last year, we held regional finance forums to showcase more than 100 shovel-ready projects in emerging …

As Africa’s climate warms, rich countries pledge more funds
2 years, 3 months ago

As Africa’s climate warms, rich countries pledge more funds

Associated Press  

MOMBASA, Kenya — Rich countries said they will spend about $25 billion by 2025 to boost Africa’s efforts to adapt to climate change as the continent continues to struggle with drought, cyclones and extreme heat, according to officials at a summit in Rotterdam in the Netherlands on Monday. “Africa does not have the resources to tackle climate change,” Akinwumi Adesina, …

Investors bet big on climate fight but motives questioned
3 years, 1 month ago

Investors bet big on climate fight but motives questioned

Associated Press  

GLASGOW, Scotland — Governments and big investors announced fresh plans Wednesday to pour trillions of dollars into curbing global warming, reflecting the financial world’s growing embrace of efforts to fight climate change as both a business necessity and opportunity. Speaking at the U.N. climate summit in the Scottish city of Glasgow, Britain’s Treasury chief Rishi Sunak said that while countries …

The private sector must boost its fight against climate change
3 years, 7 months ago

The private sector must boost its fight against climate change

Live Mint  

Capital markets are an extraordinarily powerful tool in the global fight against climate change. Developing markets are especially critical because the global pandemic has set back clean energy investment there, as the latest report of the Climate Finance Leadership Initiative shows. To change this, our partnership will help launch an innovation fund that will deploy capital to energy transition projects …

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