“This giant is on snooze,” said financial journalist and event moderator Fifi Andrews recently at the World Economic Forum in Davos during a session on scaling the African economy, raising the question: Is Africa really rising, or is the “sleeping giant” yet to awaken?

On snooze? Not quite. Judging from the veritable explosion of next-generation and climate-friendly services and technologies emerging in the energy, emobility, water, agri and battery storage and related sectors, it is clear that the continent’s green entrepreneurs, investors, local governments and consumers are wide awake, savvy and ready to start a greener, new day in Africa.

A bike, a battery and a big dream
Case in point: Less than a year after being introduced at Africa’s Green Economy Summit in Cape Town in February 2023 and joining forces, Uber Sub-Saharan Africa and the emobility startup vALTERNATIVE Energy launched Uber Package. It is a new same-day, on-demand delivery service performed by drivers on ebikes.

Kagiso Khaole, GM of Uber Sub-Saharan Africa remembers their first meeting very well: “I think at the time, all they had was a bike and a battery and a very big dream.” He adds that one of the things that excited him, evaluating vALTERNATIVE as a business and seeing what potential could come out of collaboration, was the diversity of the experience of the team.

For Mahomed Jeewa, Founder and CEO of vALTERNATIVE Energy, this fledgling joint venture has already mushroomed into many other prospects. “We definitely see the opportunity for scale on another level. The opportunity for the manufacturing sector in South Africa is tremendous. We plan to put up a plant by early next year and hopefully export to the neighbouring countries. It's easier to enter the market, because you don't have an engine that has a few thousand parts in it. I foresee the last-mile of the emobility sector growing at a rapid scale.”

Project pitches
The Uber Package success story is an inspiration to entrepreneurs and investors alike. Steffen Schröder, MD of Reclite SA, a waste electrical and electronics equipment (WEEEE) recycling and beneficiation company, is one of 30 start-ups, expansion projects and large-scale infrastructure ventures that will “pitch their projects” to investors at the upcoming, second edition of Africa’s Green Economy Summit from 21–23 February in Cape Town. These projects represent a pipeline worth over $800 million.

This company is investment-ready with a proven track record and exciting expansion plans. Schröder explains: “Very early on, we started developing our own recycling technology and our own recycling machinery, and we actually developed our own manufacturing system within South Africa and for our partners in Africa.”

Driving green transformation
“We anticipate a second historic gathering of esteemed dignitaries, policymakers, and private sector advocates, all committed to fulfilling Africa's immense green growth potential. I am excited by the opportunity that awaits to marry the abundant willing climate finance with Africa’s recovery and growth plans, driving green economic transformation in a meaningful way,” commented Todd Micklethwaite, Head of Strategy and Impact (Alternatives), Sanlam Investments, and advisory board member of the 2024 event.   

The opening session on Day 1 will focus on “Driving Africa’s Transition: Developing Inclusive Economic Hubs” including speakers Geordin Hill-Lewis, Executive Mayor of Cape Town and Todd Gartner, Director: Cities4Forests and Natural Infrastructure at the World Resources Institute (WRI). Day 2’s keynote will feature the Hon Dr Kgosientsho Ramokgopa, South Africa’s Minister in the Presidency for Electricity.

Carbon markets
“Carbon finance, carbon credits and voluntary carbon markets represent a real source of funding that can make projects happen,” says Jonathan First, MD at GFA Climate and Infrastructure. He is a panellist on a session that will delve into innovative examples of structured blends of finance and securing competitive financing for sustainable projects to accelerate Africa’s green transition.

Also joining will be Hubert Ruzibiza, Senior Advisor at the African Green Infrastructure Investment Bank (AfGIIB) in Rwanda: “We see carbon finance as an opportunity to mobilise more resources and develop more projects that are climate-proof. Carbon finance ultimately allows the projects to come closer to workability, also by reducing the cost of finance.”

Power-to-X projects
To reach climate neutrality by 2050, African economies must be transformed quickly to operate emission-free, and Power-to-X (PtX) and hydrogen are seen as the missing links.

“Countries like Morocco, Mauritania, Namibia, South Africa, Egypt have been green hydrogen hotspots,” says Karim Badr, an energy transition project consultant from Egypt and PtX session panellist. “Combining just these countries can produce something close to 50-million tonnes of green hydrogen by 2030.”

Furthermore, the African Union will host a roundtable on “Scaling Up Green Investments to Address Climate Change” in collaboration with the Global Green Growth Institute (GGGI), the United States Agency for International Development (USAID) through the Comprehensive Action for Climate Change Initiative (CACCI) and the Global Affairs Canada (GAC) Department of Foreign Affairs, Trade and Development (DFATD).

https://www.greeneconomysummit.com