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Africa
- As COP29 starts in Baku, Azerbaijan, African nations are set to drive the climate agenda, focusing on climate finance and redefining economic metrics to recognize the continent’s green assets.
- Africa’s ‘green wealth’ push seeks to quantify Africa’s contributions to global environmental health, valuing its vast carbon sinks, natural resources, and ecosystems.
- This initiative, led by the AfDB in an alliance with the Republic of Congo and Kenya, could reshape Africa’s economic standing.
The annual United Nations climate conference, COP29, opens with a strong emphasis on climate finance, especially for developing nations that bear a disproportionate burden of climate change impacts.
At the forefront, African nations are pushing for increased funding and support, which is essential to advancing their National Adaptation Plans and Nationally Determined Contributions as outlined in the Paris Agreement.
This year, Africa, represented by the African Development Bank (AfDB) and a coalition of governments, is …
- With its vast rivers and elevated terrains, Ethiopia is one of Africa’s most hydropower-rich nations.
- According to the International Hydropower Association, Ethiopia’s untapped rivers could generate up to 45,000 MW of electricity.
- However, While Ethiopia could evolve into a regional ticket to energy independence, some nations like Egypt and Sudan have expressed concerns over water access and environmental impact.
Ethiopia has long harboured dreams of becoming a renewable energy powerhouse. With its vast rivers and elevated terrains, it is one of Africa’s most hydropower-rich nations.
And as global pressure mounts to curb fossil fuel dependency, the country’s hydropower ambitions offer a glimpse into a future where East Africa’s energy needs could be sustainably met.
With expanding projects such as the Grand Ethiopian Renaissance Dam (GERD) and various regional power-sharing agreements underway, Ethiopia is moving beyond its borders, positioning itself as a critical player in East Africa’s renewable energy push.
The
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- In Africa, climate resilience is limited due to socio-economic vulnerabilities and limited adaptive capacity.
- The UNEP report calls for an accelerated increase in adaptation efforts and finance to address the mounting risks, particularly in developing nations.
- In 2022, adaptation finance for developing countries rose to $28 billion, a far cry from the $187-$359 billion per year required to bridge the gap by 2030.
As the global climate crisis intensifies, the impacts are hitting vulnerable regions hardest, with Africa bearing the brunt of devastating consequences.
According to the United Nations Environment Programme (UNEP) Adaptation Gap Report 2024, average global temperatures will rise by 2.6-3.1°C above pre-industrial levels by the century’s end, far exceeding the 1.5°C threshold agreed upon in the Paris Agreement.
This rise in temperature translates to increased frequency and severity of extreme weather events such as droughts, floods, and heat waves. These impacts are currently felt acutely in …
- Financing by Venture Capital Firms (VC) is the leading source for injecting capital into startups, accounting for 29 percent of the deals.
- Findings show that venture debt is becoming a crucial funding tool, especially for climate tech startups with limited access to traditional equity financing.
- The survey notes that to support this growth, investments in digital and energy infrastructure are essential.
Kenya is emerging as a leader in sourcing capital for its agricultural technology and food startups across the African continent. A large portion of capital for African startups still comes from foreign countries, with approximately 60 per cent, coming from international sources, primarily the United States and the United Kingdom.
On the continent, however, most investors are concentrated in Kenya, Nigeria, and South Africa, where innovation and funding activity are most prominent. Large-scale investments in solar energy solutions and precision agriculture partly drive Kenya’s dominance in the sector.
Read …
- Scheduled for 24th to 25th October in South Africa, the Sustainability Week Africa forum will explore the challenges and solutions being deployed across industries to tackle climate change.
- Keynote speakers will share innovative ideas on how businesses can support the continent in adopting sustainable practices faster in the face of climate change.
- The first edition of Sustainability Week Africa comes at a time when governments and businesses across Africa are grappling with the negative impacts of extreme weather events.
This week, policymakers will be closely following the proceedings at the Economist Impact’s Sustainability Week Africa, where keynote speakers will be sharing innovative ideas on how businesses can support the continent in adopting sustainable practices faster in the face of climate change.
The forum, which is scheduled for 24th to 25th October in South Africa, aims at amplifying challenges and the latest solutions being deployed across industries including agriculture, housing, …
- The firm’s new Nairobi factory has tripled production capacity, fueling the county’s transition to electric motorcycles.
- Ampersand already has over 1150 e-bikes on the roads of Nairobi
- The latest expansion underscores the company’s commitment to cutting carbon emissions and driving clean economic prosperity across Africa.
Ampersand, one of Africa’s electric vehicle (EV) energy tech companies, is ramping up its presence in Kenya with the opening of a new, larger plant in the capital, Nairobi. This expansion is poised to triple the company’s production capacity in the country, a strategic move aimed at meeting the surging demand for electric motorcycles (e-motos).
With over 1,100 Ampersand e-motos already zipping through Kenyan roads, the need for more is clear—and Ampersand is prepared to deliver.
A strategic expansion for sustainability
Ampersand’s new Nairobi factory is a significant upgrade from its previous operations. Spanning 21,000 square meters, it is more than three …
- The pair have entered into their second, three-year agreement to scale and replicate successful Foreign Direct Investment partnership models.
- Agreement will set up mechanism to measure progress and results as well as joint marketing initiatives to strengthen cooperation and explore new investment opportunities.
- Both parties will carry out joint marketing efforts, training, and seminars to strengthen cooperation and explore new investment opportunities in Africa.
MIGA, the Multilateral Investment Guarantee Agency, has teamed up with African Trade and Investment Development Insurance (ATIDI), an insurance services provider, to accelerate the flow of foreign direct investments across Africa. As a key branch of the World Bank Group, MIGA specializes in offering guarantees, and this partnership aims to boost investor confidence throughout the continent.
The pair’s three-year partnership will be the second agreement between them aimed at maximizing development impact across economies in Africa, a continent that is grappling with a myriad of …
- Sub-Saharan Africa economic growth remains stuck in “low gear” with a large youth population at risk of being left behind—The World Bank.
- Currently, seven in 10 children in Sub-Saharan Africa do not have access to pre-primary education.
- The World Bank says stabilizing economies and transforming education to equip the region’s growing workforce with stronger foundational skills and market-relevant expertise is critical.
Despite signs of a fragile economic recovery, Sub-Saharan Africa economic growth remains stuck in “low gear” with a large youth population at risk of being left behind. According to the latest analysis by the World Bank’s Africa Pulse, two factors are critical to jumpstart inclusive growth: stabilizing economies and transforming education to equip the region’s growing workforce with stronger foundational skills and market-relevant expertise.
The report, which is in its 30th edition and on the theme of Transforming Education for Inclusive Growth, says economic activity in the region …
- The AfDB has partnered with payments giant Mastercard and committed $300 million to MADE Alliance in a deal aimed at digitalizing farmers in Africa.
- Over three million farmers in East Africa are projected to benefit from the MADE Alliance project.
- Overall, MADE Alliance will provide digital access for 100 million people over the next decade.
A new initiative dubbed MADE Alliance, has set out to mobilizing resources in an effort to digitize farmers and their operations across Africa as the shift towards digital economy gathers pace.
In a deal being powered by the African Development Bank (AfDB) Group in partnership with digital payments giant, Mastercard, MADE Alliance, will see upto 300,000 farmers across East Africa benefit from the programme.
The project was launched on the sidelines of the 79th session of the United Nations General Assembly in September this year by the president of the AfDB, Dr. Akinwumi A. …
