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As part of the UK Government’s commitment to assisting South Africa in its energy transition and efforts to combat climate change, the Climate Finance Accelerator (CFA) South Africa has announced 13 innovative, low-carbon projects to support access to finances from investors.
Announced by the British High Commission in Pretoria, one of South Africa’s capital cities, the CFA includes projects from a wide array of sectors that include the development and retrofitting of renewable energy infrastructure, waste management, and transport. Following a call for proposals that attracted 120 applications funded through the UK Government’s Department of Business, Energy and Industrial Strategy, the CFA forms part of the UK Government’s efforts to assist South Africa in its energy transition in a just and selective manner.
By attracting and integrating stakeholders to develop and finance low-carbon projects, the CFA is projected to support the southern African country’s priorities highlighted in its Nationally Determined Contribution under the international treaty on climate change, the 2015 Paris Agreement. By blending the public and private sectors, the projects are expected to benefit communities across the country by facilitating employment opportunities, improving food security, social inclusion, and gender equality, and providing universal access to electricity.
The UK’s High Commission to South Africa stated that, “By bringing together stakeholders who can develop and finance climate projects at scale, the CFA will support South Africa’s efforts to meet the priorities at scale, the CFA will support South Africa’s efforts to meet the priorities set out in its national determined contribution under the Paris Agreement.”
“To help deliver this level of ambition by 2030 and net-zero by mid-century, every sector of the economy will need to develop low-carbon alternatives,” stated Acting British High Commissioner to South Africa, Adam Bye, who added, “I am therefore delighted to see the projects the Climate Finance Accelerator is supporting in its first cohort, including in key sectors like water, sustainable agriculture, waste management, and green transport. The CFA’s support is all about helping unlock the finance that these and other innovative projects will need as part of delivering green growth and transition.”
Between 2021 and 2025, the UK has committed an investment of around $13.5 billion of International Climate Finance to support developing country’s responses to the climate crisis.
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