Friday, 16 September

Dear <<First Name>>

The Green Climate Fund played host to two of the year’s most important climate conferences in South Korea this week – and Camco’s Ieva Indriunaite was there as an active participant for both.  

The three-day Global Programming Conference provided Ministers, GCF National Designated Authorities, Delivery Partners and Accredited Entities - like Camco - with a platform for high-level dialogue on how to accelerate deployment of GCF funding, inform the strategy for the second GCF cycle, and mobilise private sector financing.  

The GCF’s flagship Private Investment for Climate Conference, which concluded today, then brought together leaders from the private and public sectors to explore innovative ways of mobilising finance at scale for climate action in developing countries. 

Ieva was an invited speaker on the Energy efficiency, access and power generations panel session during the first conference, and on today’s Co-investing in a clean and just energy systems transition. 

Since 2020, Camco has been an Accredited Entity of the GCF, which is the world’s primary mechanism for helping developing countries reduce their greenhouse gas emissions and enhance their ability to respond to climate change. 

Right now, we’re working on a number of initiatives for climate adaptation and mitigation programmes that will support the GCF’s aim of creating a paradigm shift in climate action through the mobilisation of private sector and which will draw on Camco’s on-the-ground value generation and over 30 years’ experience in sustainable finance. 

Speaking to Ieva, it sounds like she’s certainly been making the most of her time in South Korea, meeting up with key stakeholders to inform alignment of our work with national climate priorities between her panel appearances. She’s planning on writing up her reflections and key insights from her trip when she’s back, so do keep a look out for those. 

Cheers 

Geoff Sinclair

Managing Director, Camco Clean Energy

West Africa

Ghana: Country joins African Trade Insurance Agency’s derisking facility (IJGlobal)
- The Ghanaian government has signed a Memorandum of Understanding with the ATI for the roll-out of the Regional Liquidity Support Facility in the country. 

Nigeria: Renewables embedded generation to replace diesel generators (ESI Africa)
- A recent RMI report points to a new Renewable Embedded Generation business model to enable energy developers to provide improved electricity services in the country.

East Africa

Kenya: Nairobi to issue green bond for green projects (Afrik 21)
- The Nairobi County Government has announced that it will issue a USD1.2 billion green bond to finance environmentally friendly infrastructure. 

Kenya: International Finance Corporation (IFC) partners with Commercial Bank of Kenya (Afrik21)
- The IFC has committed to provide a USD150 million loan to the bank to finance climate-smart projects in the country.

Madagascar: Green Energy Solutions (GES) inaugurates solar plant in Vohémar (Afrik 21)
- GES, a joint venture between GreenYellow and Axian Group, has announced the commissioning of a 1MWp solar PV plant, which will be hybridised with a thermal generator to cover 100% of the city’s energy needs. 

Southern Africa

South Africa: Cape Town’s Vissershok landfill to generate electricity by 2025 (Afrik 21)
- The municipality plans to set up a biogas plant at the landfill site that will convert organic waste into biogas, which will then be used to generate electricity for the city.

South Africa: Country increases capacity of sixth renewables procurement round (PV Magazine)
- The total capacity allocation of the Renewable Energy Independent Power Producer Procurement Program (REIPPPP) is to rise from 3.6GW to 4.2GW, with wind energy accounting for all of the additional 0.6GW.

South Africa: African Development Bank (AfDB) issues first green bond in South African Rand (ESI Africa)
- The AfDB has denominated its first green bond in ZAR, a R200 1-year bond due in September 2023. 

South Africa: Sola secures funding for solar project (Afrik 21)
- The IPP is closing the finance for a solar project that will provide 200MWp of power to the mines and smelters of mining operator, Tronox. 

Africa - other

Climate change: Continent is losing 15% of its per capita GDP due to the climate, says economist (Morocco World News)
- The African Development Bank’s acting chief economist, Kevin Urama, claims African countries will need to mobilise USD1.6 trillion before 2030 to meet their national commitments to address the climate financing gap.

DRC: Climate resilience project gets EUR2 million in funding (Afrik 21)
- UNESCO's economic support aims to help ensure the preservation of natural capital around the Yangambi biosphere reserve and improve the living conditions of around 3 million local inhabitants.

Egypt: Country’s green economy gets USD100 million injection (EDRB)
- The European Bank for Reconstruction and Development is providing a loan to Banque Misre for on-lending to small and medium-sized enterprises. 

Egypt: Over 100 schools to transition to solar energy (Zawya)
- The EFG Hermes Foundation for Social Development has signed a partnership agreement with the Ministry of Education and Technical Education to convert the schools to clean energy, as part of the country’s National Climate Strategy 2050. 

Egypt: Proposal announced for the construction of 9.2GW facility (Construction Review)
- Fortescue Future Industries have announce a proposal for a solar and wind-powered hydrogen facility in the country and a Memorandum of Understanding has already been signed to conduct the project’s feasibility studies. 

Pacific

Climate change: Getting off a drowning island isn’t easy (RNZ)
- Op-ed exploring how sea level rise caused by climate change is impacting island populations around the world, especially in the Pacific. 

Green finance: Foreign ministers to meet in support of Pacific Island nations (Pina)
- Japan, the US, the UK, Australia and New Zealand are arranging a meeting of their foreign ministers to economically support Pacific Island nations. 

Rest of the world

Climate change: Global climate action is moving in the wrong direction, claim researchers (Public WMO)
- According to a recent report by the World Meteorological Organisation, far more amibitious action is required, without which the physical and socioeconomic impacts of climate change will be increasingly devastating. 

Renewables: New solar-powered invention creates hydrogen fuel from the atmosphere (The Guardian)
- Researchers have created a prototype device that produces hydrogen from moisture in the air with greater than 99% purity. 

Renewables: Switching to renewables could save trillions (BBC)
- According to a recent study by Oxford University, transitioning from fossil fuels to clean energy could save the world as much as USD12 trillion by 2050.

Share this newsletter!

Currencies