A new innovative Climate Finance Accelerator (CFA) programme was launched today, which supports South Africa’s efforts to implement its Nationally Determined Contributions (NDCs) by bringing together stakeholders that can develop and finance climate projects at scale.
The next ten years represent a critical decade for the planet. We must take rapid action if we are to meet the goals of the Paris Agreement and limit global warming to 1.5 degrees. The NDCs are country pledges which are at the heart of the Paris Agreement and embody 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 directly responds to the urgency and scale of the climate crisis by supporting highly promising climate projects to become more bankable and appealing to investors, so that they can secure funding more readily. The CFA approach addresses 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 PwC, in collaboration with Ricardo. The National Business Initiative (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 are invited to apply to take part in the CFA South Africa.
By engaging with the CFA programme, project developers can benefit from:
Access to investors
Coaching and best practice insights
Achieving low carbon project objectives
The financing available and the capacities to deliver the NDCs vary across different countries, something that the NBI and GreenCape have worked to address in South Africa over the past few years.
The NBI’s CEO, Joanne Yawitch, explains: “South Africa requires a clear pathway to financing and implementing its climate targets as part of achieving a just transition for the country. This transformation must involve a country-driven shift toward policies and technologies that catalyse new investments and mainstream climate change into existing systems, as articulated in our climate commitments.”
Mobilising finance to support the low-carbon transition is one of the four key goals for the UK’s COP26 Presidency this year. Through climate finance, the UK is committed to supporting the development of a high-performing and climate-resilient economy in South Africa, both as a climate response and to ensure it remains competitive in a low-carbon global economy.