CAAF24 unveils $20m investment fund to back Pan-African climate initiatives

Onome Amuge

The Climate Action Africa Forum (CAAF24), organised by Climate Action Africa (CAA), a leading Africa-focused social enterprise at the forefront of the continent’s climate action ecosystem, has reinforced the urgent need for climate action financing with the announcement of a $20 million pan African climate action fund, aimed at mitigating the impact of climate change and securing a sustainable future for Africa’s 1.3 billion people.

Grace Oluchi Mbah, co-founder and executive director of CAA, who made the disclosure at the event, explained that the fund is co-created by dedicated Africans, and is intended to empower small businesses and startups in the energy, agriculture, circularity, and transportation sectors, in their drive towards a sustainable future in Africa.

The forum, convened at the Landmark Event Centre in Lagos, brought together diverse stakeholders including investors, government officials, business leaders, climate experts, and civil society to explore immediate, collective action in combating climate change and achieving sustainability goals in Africa and globally.

CAAF24 was also graced by distinguished guests, including Ramatoulaye Ndiaye, former minister of culture in Mali and and CEO of the Great Green Wall of Africa (GGWoA) Foundation; Nicholas Ella, permanent secretary of the ministry of petroleum resources; Rukaiya El Rufai, special adviser to the president of Nigeria on National Economic Council & NEC and Climate Change; and Edith Jibunoh, external and corporate relations manager for East and  Southern Africa,World Bank.

Panel discussions and workshops in breakout sessions at the event focused on key issues, including the potential of forests and carbon credits, climate financing, Nigeria’s carbon market activation, private capital mobilisation for climate-positive investments in Africa, and building resilient and livable African cities. These sessions encouraged interactive participation and knowledge sharing among participants from various backgrounds and sectors to foster joint efforts in tackling climate change.

Beyond the formal sessions, the event featured networking opportunities and Deal Room, a platform showcasing selected high-impact climate innovations from over 800 registrations. The Deal Room provided an opportunity for climate innovators in Africa to connect with potential investors, fostering collaborations and investment in sustainable solutions, thus accelerating the pace of climate action on the continent.

Another highlight of CAAF24 was the launch of the “Billion Trees for Africa” initiative, as part of CAA’s community programmes and the unveiling of the Pan-African Green Economy Programme (PAGE), a partnership with IDEA AFRICA and the Founder Institute that seeks to grow a new generation of 5,000 green innovators across Africa by 2035.

Edith Jibunor, in an interaction with Business a.m. on the sidelines of the event, reaffirmed the World Bank’s $40 billion pledge to climate change financing annually, constituting 45 percent of its global projects.

Jibunor emphasised the bank’s position as the world’s largest multilateral financier of climate change initiatives, highlighting its significant commitment to combating climate change worldwide.

The manager, external affairs for East and Southern Africa at the World Bank, also pointed out the critical need for effective policies to combat climate change in Nigeria and globally. She argued that financial resources alone are not sufficient to address the problem, highlighting the importance of well-designed policies to combat the issue effectively.

“One of the speakers earlier mentioned the importance of policies, especially policies in a local context. That makes sense for the local population. So one of the things that we’ve been doing at the World Bank is working on what are called Climate Change Development Reports, known as CCDRs. 

“These are country-by-country analytic products that look at the country context and what solutions are going to be necessary to address the climate challenge specifically in those countries. So we’re going to do that work in Nigeria as well,” she said.

In discussing climate change in Nigeria, Jibunoh suggested using geospatial tools to identify potential sources of renewable energy, like solar and wind. She identified the importance of a gradual, sustainable transition to renewable energy as part of the country’s adaptation agenda, recognising the need for a thoughtful, long-term approach to effectively combat climate change.

The World Bank official noted that Africa is disproportionately affected by the climate change crisis despite being least responsible for its causes. She therefore called upon the global community to support Africa’s climate change adaptation agenda.

Jibunoh further stressed the need for Africa to prioritise renewable energy over oil drilling, highlighting the increasing vulnerability to climate change caused by the continued reliance on fossil fuels. She advocated for Africa to adapt to the challenges brought by climate change and build resilience by transitioning to renewable energy sources and adopting mitigation strategies to counter the impact of climate change. 

The World Bank official called attention to the alarming repercussions of climate change on her birthplace, Eastern Nigeria, as well as the famine-inducing droughts in Northern Nigeria.

Highlighting the far-reaching impacts of climate change across Nigeria, Jibunor emphasised its detrimental effects on Nigerian agriculture, healthcare, malaria resistance, and schooling, among other aspects of daily life. To effectively counter this scourge, she advocated for a localised approach tailored to Nigeria’s unique circumstances, calling for the implementation of solutions that address the country’s distinct challenges.

Grace Oluchi Mbah, CEO of Climate Action Africa and convener of CAAF24, acknowledged the devastating reality of climate change while highlighting the critical need to address it through innovative solutions and investments.

Speaking to journalists, she highlighted the urgency of transforming this climate crisis into a narrative of opportunity and progress, emphasising the crucial role of CAAF24 and its initiatives in this effort.

Mbah emphasised the World Bank’s presentation during CAAF24, which focused on resilient infrastructure, specifically weather-resistant classrooms, as a critical step towards ensuring children’s uninterrupted education and Africa’s overall climate resilience. Citing the presentation, she underscored the vital role of infrastructure in Africa’s climate action agenda, asserting that the continent must close its infrastructure gap to better adapt to the climate crisis.

“Imagine if we had those types of classrooms in the south south  and in the southeast where floods are very rampant.  They will not have to stop schools or have to stop hospitals, because that type of infrastructure is available and they’ve shown us that it’s possible.

We continue to hear about the millions and billions of dollars that are available for Africa and for the world to tap into in terms of climate finance and we learn that what is important is project preparation. So, we need to use platforms like this and situations like this to learn what finances are looking for because for us to actually accelerate the efforts that we are doing. we need money,” she stated.

The CAA executive director underscored the need for African nations and individuals to strive for self-improvement and collaboration while also seeking access to financing. She urged Africans to constantly enhance their skills, develop projects, and work together to combat climate change.

She also warned that siloed efforts would be insufficient in the face of the climate crisis and emphasised the importance of breaking down barriers to innovation and funding.

Mbah highlighted the high level of interest displayed by over 830 registrants in the CAAF24 Deal Room, although not all of them were able to submit their proposals. She stressed the importance of reading through the submitted ideas to identify promising climate innovations that could transform communities and drive real change.

The CAAF24 convener also expressed confidence that these solutions will become mainstream and will have a significant impact in the coming years.