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What climate projects will be financed at Africa’s 2nd regional climate forum?

The second edition of the Africa Regional Forum on Climate Finance would discuss ways to finance and implement a number of climate projects in Africa.
03.06.23 | Source: Ahram Online

Mohieldin, will participate in the second Africa Regional Forum on Climate Finance in Kenya in September

The UN climate champion made his remarks ahead of the forum’s preparatory meeting, which will be held on Monday in Abidjan, Côte d’Ivoire on the sidelines of the African CEO Meeting.

According to Mohieldin, who is also the UN special envoy on financing 2030 Sustainable Development Agenda, the forum’s projects aim to achieve climate goals and sustainable development.

Earlier, Mohieldin stated that the five regional roundtables aim to close 10-15 deals across five regions in preparation for COP28, which is set to be held in the UAE in November and December. He added that they are currently engaging with project proponents, to help them meet the needs of financiers, and with financiers to encourage them to review the opportunities

The forum is one of the five major events of the second edition of the Five Regional Forums Initiative, which is being organized by Egypt and UAE – respectively presidents of COP27 and COP28 – in cooperation with UN Regional Economic Commissions and UN High-Level Climate Champions (HLCs).

The list of projects includes:

- An electric transportation project implemented by Oanda Clean Energy Ltd in Nigeria, which aims to bring electric buses to Nigeria and establish electric charging stations and necessary infrastructure. The cost of the project is about $196 million with revenues during the first five years of operation expected to reach about $1.7 billion. Moreover, the project is supposed to create about 5,000 jobs a year during this period.

- A carbon credit project implemented by Imperative Global and iRise, which aims to restore about 40,000 hectares of indigenous forests in Malawi and providing improved cookstoves for about 486,000 households. The evaluated cost of the project is about $180 million.

- A waste-to-power plant project in Nigeria implemented by Phoenix Edison at a cost of $116 million. The project aims to exploit 270,000 tons of solid waste per year for power generation, which will contribute to reducing harmful emissions by 60,000 tons per year and provide hundreds of jobs.

- A project implemented by Ampersand to bring electric two-wheeled vehicles to the street in Rwanda and Kenya along with electric charging stations and necessary infrastructure. The aim of the project is to reduce harmful emissions by about 1.7 million tons until 2030 and improve air quality in rural areas of East Africa. The estimated cost of the project is about $100 million.