The British High Commission, together with voluntary coalition of South African and multinational companies the National Business Initiative (NBI) and nonprofit organisation GreenCape, have launched a Climate Finance Accelerator (CFA) programme in South Africa and have issued an open call for proposals.
The CFA is slated to support South Africa’s efforts to implement its Nationally Determined Contribution (NDC) by bringing together stakeholders that can develop and finance climate projects at scale.
An NDC is a country’s pledge, central to the Paris Agreement, embodying efforts by each country to reduce national emissions and adapt to the impacts of climate change.
The CFA is a global technical assistance programme, funded by the UK government’s International Climate Finance.
It is said to directly respond to the urgency and scale of the climate crisis by supporting promising climate projects to become more bankable and appealing to investors, so that they can secure funding more readily.
The CFA approach is aimed at addressing the fact that there is money available for climate finance, but it is often difficult for it to flow to the places where it is needed.
The global programme is delivered by professional services firm PwC, in collaboration with environmental consultancy Ricardo.
The NBI, in partnership with GreenCape, have been appointed as the national delivery partners for the CFA South Africa.
A call for proposals is now open for low-carbon projects seeking finance. Developers with low-carbon projects looking for funding have been invited to apply to take part in the CFA South Africa.