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Climate Finance Accelerator calls for climate project capacity building proposals

17th October 2023

By: Schalk Burger

Creamer Media Senior Deputy Editor

     

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UK government-funded technical assistance programme Climate Finance Accelerator (CFA) South Africa has launched a call for proposals to identify projects combatting climate change that would benefit from capacity-building support to help them attract investment.

The accelerator is looking for projects that are at least in the prefeasibility stage and require a minimum of $4-million. Selected projects will receive advice and support from a range of technical and financial experts to help them find investment.

Support for projects includes improving financial models, advice on pitching to investors and how to embed gender equality and social inclusion, such as supporting women and other disadvantaged communities, within their business.

Around ten projects are expected to be selected from the energy, water, smart agriculture, clean transport, waste, forestry and circular economy sectors. The call for proposals is open from October 9 until November 17 and projects should complete the online application.

Further, CFA South Africa, now in its third phase, said a key focus during the current cycle will be on embedding the CFA within the South African climate finance landscape long term. This will ensure that the programme continues to support low carbon projects in years to come.

“The CFA is well established in South Africa, and we are proud that the expertise shared with previous projects has been integral to some significant investment successes. The UK is committed to supporting South Africa’s just transition, and we will be working with our partners across the country to embed the CFA as a programme supporting local businesses now and into the future,” said British High Commissioner Antony Phillipson.

The CFA is funded and promoted by the UK government and implemented in South Africa by the National Business Initiative (NBI) and investment promotion agency GreenCape as the in-country partners. Unlocking investment and innovative technology are key enablers for South Africa’s transition to a net-zero economy by 2050, CFA South Africa said.

“South Africa's journey toward net-zero by 2050 requires capacitating climate-smart small, medium-sized and microenterprises (SMMEs), as a key part of the solutions needed,” said NBI CEO Shameela Soobramoney.

“SMME project developers in key sectors, such as energy, water, smart agriculture, clean transport, waste, forestry and the circular economy require robust support to attract investment. Incorporating the CFA approach into South Africa's climate commitments is a fundamental lever for enabling not only a greener economy, but ensuring a just energy transition in the process,” she said.

"CFA South Africa supported 28 companies in the first two rounds. Among them, these companies have raised about R1.5-bilion for projects to deliver green economic growth and development. The impact numbers are a reflection of opportunity and innovation that is happening in South Africa's green economy,” said GreenCape CEO Mike Mulcahy.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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