Kenya, Rwanda, and Senegal Rank Among the Main Beneficiaries of the Africa Go Green Fund Supporting Green Mobility.
The British International Investment (BII), the UK’s development finance institution and impact investor, has pledged $16 million to the Africa Go Green Fund. Managed by the Cygnum Capital group, the fund focuses on climate resilience and aims to facilitate financing for climate and environmental projects. These include green buildings, electric vehicle financing, green mobility infrastructure, and later, the installation of battery systems for households, commercial, and industrial sectors.
Minimal Contribution to Climate Change
The fund, which continually seeks financing opportunities in key sectors, disbursed approximately $11.2 million in the second quarter of 2024. The program pipeline currently stands at $157.9 million. Africa has not been spared the devastating effects of climate change, including more frequent and destructive floods, droughts, and storms.
According to Celeste Saulo, head of the World Meteorological Organization, Africa has experienced the highest warming rates of any region over the last 60 years. Despite its minimal contribution to global climate change, the continent bears the brunt of its impacts. To mitigate these challenges, Africa is intensifying its resilience efforts and enhancing its adaptive capacity.
The Climate Policy Initiative reports that Africa will need an average of $250 billion annually in climate financing between 2020 and 2030 to meet its needs.
