Dr. Mahmoud Mohieldin joins preparatory meeting to unlock climate finance for African projects

Dr. Mahmoud Mohieldin, the UN Climate Change High-Level Champion for COP27 and UN Special Envoy on Financing the 2030 Sustainable Development Agenda, is scheduled to participate in a pivotal meeting today set to help unlock climate finance flows to African projects.

“Toward the African Regional Forum & COP28: Unlocking climate finance flows to African projects through finnovation”, taking place in Abidjan, Ivory Coast, is a significant stepping-stone towards the 2nd Annual African Regional Forum slated for September in Kenya. The Forum is part of the Five Regional Forums Initiative organized by the UN Regional Commissions, Egypt and UAE presidencies of COP27 and COP28, and the UN Climate Change High-Level Champions.

The objective of this session is to expedite climate mitigation and adaptation solutions at a considerable scale. This involves rallying both public and private financing for concrete, investable climate projects rooted in regional priorities, the Paris Agreement objectives, and the Sustainable Development Goals (SDGs).

The Abidjan meeting will take advantage of the Africa CEO Forum, propelling further support for climate project pipelines by bringing together African and global leaders across business, government, and civil society. This gathering will focus on accelerating climate innovation or ‘finnovation.’

An assortment of climate-related initiatives will be discussed, exploring opportunities for climate finance and investments in line with the SDGs. The event will also feature several projects seeking investment opportunities, from e-mobility ventures in Nigeria and Rwanda to organic fertilizer ventures in Kenya. Funding requirements range from $3 million to $192 million.

Oando Clean Energy Limited (OCEL) plans to pioneer e-mobility in Nigeria by deploying electric buses. OCEL’s approach is to build an ecosystem for electric vehicle adoption, which includes charging stations and other essential infrastructure. The project seeks a funding of $192 million in debt/equity for procuring EV buses and covering operational costs.

In Malawi, the iRise project led by Affordable Agriculture and Housing Ltd, Community Development Initiative, Future Earth, and Imperative Global aims to restore 40,000 hectares of indigenous forest and supply improved cookstoves to 486,000 households. The initiative seeks $180 million in funding and is poised to create a substantial social impact.

Phoenix Edison is planning to construct Nigeria’s first waste-to-energy (WtE) plant in Ozubulu, Anambra State, aiming to process 270,000 tonnes of municipal solid waste annually with an installed capacity of 24MW.

Ampersand, a key player in East Africa’s motorcycle taxi market, is revolutionizing the sector through vehicle electrification. Ampersand aims to become the leading provider of electric two-wheelers and charging infrastructure in the region.

ZIZ SA is utilizing its platform to establish “metrogrids” to electrify both rural and urban areas in Chad. Their goal is to benefit over 1 million people by 2030, reduce CO2 emissions, and enhance climate resilience.

Finally, Safi Organics in Kenya uses biomass waste to benefit local farmers by converting it into high-yielding carbon-negative fertilizers. This results in increased farm yields and income for farmers, and the company targets serving millions of smallholder farmers, particularly women and youth.