(Ecofin Agency) – Kenya, Rwanda and Senegal are the main beneficiaries of funding from the Africa Go Green Fund, which devotes its investments to green mobility, green buildings and especially energy efficiency in industry .
British International Investment (BII), the British development finance institution and impact investor, announced on Friday November 15 a commitment of USD 16 million to the Africa Go Green Fund (AGGFUND), managed by the Cygnum group Capital, in order to advance climate resilience in Africa.
The AGG fund aims to expand access to financing for climate-friendly projects such as the construction of green buildings, investment in electric vehicles and green mobility infrastructure, and the installation of battery storage for consumers residential, commercial and industrial.
Au 2e quarter 2024, the fund disbursed USD 11.2 million and continued to engage in discussions to identify new investment opportunities covering key sectors. As of June 2024, its project pipeline stood at USD 157.9 million.
African countries are seeing droughts, floods, storms and cyclones multiply and intensify. According to the head of the World Meteorological Organization, Africa has warmed more quickly than the rest of the world over the last 60 years. Thus, although it does not contribute significantly to global warming, the continent therefore suffers the full brunt of its consequences.
Faced with this situation, it must strengthen its resilience and its capacity to adapt. According to a report by the Climate Policy Initiative, between 2020 and 2030, an average of USD 250 billion in climate financing is needed per year.
Abdullah Diop
Also read:
02/17/2023 – $47 million in new equity investments for the AfricaGoGreen Fund
Business
