Building Climate Innovation Opportunities in Africa
Next month, at COP 28, leaders from across the globe will meet to take action toward the biggest issues in climate change, including financing for Africa. The continent is at the forefront of the world’s most acute climate disasters, yet it receives just 4.7% of total global climate financing — a fraction of the US$2.7 trillion it will need over the next decade in order to adapt to the climate emergency we find ourselves in.
According to new research from the African Venture Philanthropy Alliance (AVPA) — in partnership with The Lemelson Foundation, Weber Shandwick, and GeoPoll — private investors are predominantly focused on initiatives aimed at reducing Africa’s carbon footprint. In comparison, innovations aiming to mitigate adverse climate change effects such as rising temperatures, water scarcity, and extreme weather conditions are primarily reliant on piecemeal funding from philanthropists, highlighting a gap in systematic investment toward climate adaptation in Africa.
The report, titled Priming Private Sector Investment in Climate Adaptation Innovations in East Africa, focuses on Kenya, Ethiopia, and Uganda — countries that have been the hardest hit in the region and among those most in need of urgent solutions. According to the report, areas with the greatest opportunities for investment are water creation, soil fertility, air pollution, and sanitation.
The report also identified ideal high-impact technologies, including low-cost nets capturing permanent free water supplies from the air, new soil additives that retain long-term soil moisture, road surfaces made from recycled plastic waste, and paints and surfaces that reduce heat in homes, urban heat islands, and air pollution.
Africa is a growing market with vast potential in climate adaptation and sustainable development. With this in mind, the African Venture Philanthropy Alliance has established the Africa Climate Investing Forum (ACIF) to foster innovation and collaboration for enhanced climate resilience across the continent.
An initiative to inform and engage a dynamic community of investors and innovators, ACIF aims to provide stakeholders with the tools and understanding needed to unlock and deploy the capital required for large-scale adaptation in Africa, transforming the way we perceive and approach climate risk and resilience.
Ultimately, it’s about harnessing potential and transforming obstacles into economic opportunities — and envisioning a future where the forces that challenge us become catalysts for innovation, growth, and sustainability.
Learn more about ACIF and how to get involved in this growing community of practice — either as an investor or an innovator — here.
