- Africa’s blue and green economy is projected to be the new avenue that will drive investments in Africa
- The continent, with its vast coastline and rich marine resources, is poised to harness the immense potential of Africa’s blue and green economy
- According to ADFDB, 80 per cent of global trade is maritime. Oceans also provide billions of people with food, medicine, renewable energy, and natural resources.
Three Kenyan startups are among ten selected across the continent to benefit from $550,000 (Sh70.7 million) in capital to grow their operations towards boosting Africa’s blue and green economy sectors.
Kenya produced the highest number of startups on the list (three), followed by Rwanda with two. South Africa, Madagascar, Mozambique, Nigeria, and Tanzania each produced one enterprise.
From Kenya, Samaking, Plas Tech, and Ark will each receive $55,000 (Sh7.1 million) in funding to expand across Africa.
These ten ventures are part of the innovative, future-looking startups included in the Africa Blue Wave and Regen Wave initiatives by BFA Global, FSD Africa, and the International Union for Conservation of Nature (IUCN).
Rasima Swarup, the director of Triggering Exponential Climate Action (TECA), a venture launcher managed by BFA Global, said that the diversity and ingenuity of these startups reflect the continent’s potential for sustainable development that will drive positive change.
“We are proud to support these visionary entrepreneurs who are tackling some of Africa’s most pressing environmental and climate-change-related challenges,” said Swarup.
FSD Africa Assistant Manager for Digital Innovation Mary Kashangaki added that Africa’s talent is crucial for a successful green transition on the continent.
She noted that the ten selected startups have the potential to significantly improve the lives of climate-vulnerable communities while maintaining biodiversity, reducing waste, and improving climate outcomes.
“Africa’s talent is at the heart of a successful green transition on the continent. It is an honor to work alongside our partners to support innovators who are working towards solving critical climate challenges,” said Kashangaki.
The startup ideas were evaluated and chosen for their innovative approaches to addressing critical challenges in the fish trade, environmental pollution, renewable energy certification, eco-friendly fertilisers, waste reduction and management, clean cooking, cold storage, and sustainable drainage solutions.
Notably, 50 per cent of the selected startups are women-led companies.
Thomas Sberna, Regional Head of Coastal and Ocean Resilience at IUCN Eastern and Southern Africa, highlighted the urgency of addressing the triple planetary crisis, stating that it is up to us to catch up and turn things around. He mentioned that unleashing the regenerative potential of our economic engine is the best chance to address this crisis at the required scale and speed.
Sberna pointed to the Africa Blue Wave and the selected startups as perfect examples of taking meaningful action and representing a significant source of hope for the continent and beyond.
The funding provided will enable these startups to further develop and scale their solutions, driving positive change in their respective sectors while promoting environmental sustainability.
In the program, TECA and OceanHub Africa will offer hands-on venture-building support and connections to investors, advisors, and support networks to advance their solutions.
Read Also: Blue Economy Investments to Earn Kenya $921m Annually In Revenue Boost
More Funding needed for Africa’s Blue and Green Economy
According to ADFDB, some 80 per cent of global trade is maritime. Oceans also provide food, medicine, renewable energy and natural resources to billions of people. And yet, the “blue economy” receives less attention, focus and investment than many other sectors.
If well managed, the resources found in the world’s seas have the potential of reducing carbon emissions and protecting coastal communities from the adverse effects of climate change.
This issue took centre stage at a panel discussion on the sustainability of Africa’s blue economy, which was held at the African pavilion during day 9 of COP28 in Dubai, United Arab Emirates. Several speakers raised the issue and alerted the audience to the fact that many of the challenges faced by the oceans are a result of pollution, overfishing, and the burning of fossil fuels.
Plastic remains one of the biggest threats. Up to 14 million tonnes of plastic are floating around our seas, endangering marine life, and affecting the livelihood of communities that rely on the ocean for food and income. Scientists predict that unless action is taken soon, there will be more plastic in the seas than fish by 2030.
In parallel, the increased absorption of carbon dioxide in the ocean reduced oxygen levels, which has in turn reduced the ability of animals and plants below the surface to survive.
African Development Bank (AfDB) climate expert Dr Balgis Osman stresses that an awareness of the impact of pollution and strengthened policies were needed to ensure a successful outcome of SDG 14, which focuses on the conservation and sustainability of oceans, seas, and marine resources.
She explained that an intentional focus on the blue economy could contribute to Africa’s economic development and to sustainability for all who benefit from the oceans and seas. As part of the AfDB’s Feed Africa Strategy 2016-2025, the Bank established projects to help develop blue economies in the Seychelles, Namibia, Mozambique, Morocco, Gabon, Togo, Senegal, Guinea Bissau and Mauritius.
UN figures estimate that 10 million tons of fish go to waste every year. In addition, if governments implemented policies to regulate and protect their blue economies, an annual $1.3 billion could be saved by reducing illegal, unreported and unregulated (IUU) fishing.
“We expect to attain food and nutrition security for over 200 million Africans and provide income for over 15 million over the next 10 years, and increase value added from $24 billion to $72 billion by 2025. We also expect to triple intra-regional fish trade through the Malabo Declaration with half of the processing plants using clean energy and eco-certified seafood products,” she added.
Other panelistsr echoed Dr Balgis. Herland Carteaux from Ocean Hub Africa advocated for entrepreneurs in the ocean economy to be capacitated, trained, and given access to a network that will allow them to grow. He further stated that start-ups could benefit from having a scientist in their group.
World Oceans Council’s Sophie Masipa said that threats to a thriving blue economy include the conflict between development and ocean health, and cited mineral extraction and exploration that can further harm the ocean. Policies are needed to try and balance this conflict.
Read Also: Kenya’s Marine Potential: Fostering Sustainable Blue Economy
