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Bridging the climate finance gap through collaboration and innovation

1st February 2024

By: Shannon de Ryhove

Contributing Editor

     

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This article has been supplied as a media statement and is not written by Creamer Media. It may be available only for a limited time on this website.

Government, labour, business, and civil society must collaborate and innovate if South Africa is to raise the R535 billion required to meet its NDC target by 2030. 

In light of estimates that South Africa will require, on average, R334 billion and R535 billion annually to achieve its net zero goal by 2050 and NDCs by 2030, respectively, it is clear that something radical needs to change and quickly if we are to deliver the just transition. 

Bridging the climate finance gap is one of the key topics to be discussed at the 3rd annual Solar Power Africa conference, which will take place from 7-9 February 2024 at the Cape Town International Convention Centre.

“Cape Town hosts Solar Power Africa at an important time for furthering clean energy development in Africa. We have advanced plans to be a leading city for renewable energy deployment on the continent.  Over time, Cape Town will add a full 1GW of new energy to our grid via power purchases, our own projects, and incentivising small-scale generation. The 2024 Solar Power Africa event is an opportunity to bring the rapidly growing industry together to share knowledge, expertise and ideas as we make the great transition to energy that is reliable, cost-effective, and carbon neutral.” said Gordon Hill Lewis, Executive Mayor of Cape Town.

Recognising that there is no one-size-fits-all approach to financing Africa’s renewable energy projects, the conference will feature a range of plenaries and breakaways sessions that will deep dive into the intricacies of the diverse funding models required to overcome obstacles such as Africa’s limited infrastructure and localised regulatory complexities. 

“The 2023 South African Climate Finance Landscape report has revealed significant gaps and opportunities for climate investments. It has also shown the incredible sums that are required if we are to meet our climate commitments. 

“Action is required from all of us, working innovatively and collaboratively to maximise funds available, fostering public-private partnerships that will not only deliver renewable projects but also promote economic growth,” said Michael Dehn, Managing Director from Messe Frankfurt South Africa.

Attendees will be able to hear first hand as a panel of experts explore the ever-evolving financial requirements needed to propel Africa’s renewable sector forward. From public-private partnerships to internationally funded schemes, as well as reviewing international best practice and innovations in climate finance that can be utilised locally.

“It is imperative that government, labour, business, and civil society collaborate and innovate to raise the R535 billion required to meet our NDC targets by 2030. Alongside direct funding of solar projects, it is vital that we review and ensure that climate finance is also directed to workforce reskilling, job creation, community empowerment and delivering a just transition for all. The conference will allow us to take a holistic approach to understanding finance and give attendees a chance to collaborate and help shape a way forward that addresses South Africa’s specific climate finance needs,” added Michael Dehn from Messe Frankfurt South Africa.

2024’s conference theme is Empowering Africa's Energy Future: Solar and Storage Solutions for Sustainable Development and the conference will explore and unpack the future of solar and storage, chart a path to sustainable development and look at opportunities to secure investment and encourage collaborations that will deliver on Africa’s solar promise. 

Over the course of the 3 day conference and exhibition attendees will have the opportunity to attend 4 plenary sessions, 4 keynote addresses, and 14 specialised breakaway sessions and hear from more than 80 expert speakers from across the energy industry. 

Organised by Messe Frankfurt, Solar Power Africa is presented in partnership with RE+ Events (formerly Solar Power Events), the organisers of Solar Power International (SPI), North America’s largest and most prestigious event for the solar and energy storage sectors.

Edited by Creamer Media Reporter

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