Smart policy key to unlocking private climate investment
Smart policy reforms and innovative business models can unlock the trillions of dollars in private investment needed to ensure Africa meets its climate targets as agreed to in the landmark Paris Agreement.
The private sector, boasting innovation, the financing and resources, is considered to be the key to fighting climate change.
“Already, more than $1-trillion in investments are flowing into climate-related projects in these areas. But trillions more could be triggered by creating the right business conditions in emerging markets,” International Finance Corporation (IFC) CEO Philippe Le Houérou says.
Government reforms and innovative business models will create new markets and attract the necessary investment and ultimately fulfil the pledge made in the Paris Agreement.
“African private businesses have the opportunity to become regional and global leaders in promoting climate-friendly projects. New approaches to business can unlock significant funds for climate finance that the IFC and other lenders are eager to support,” adds IFC country manager for Southern Africa Saleem Karimjee.
The latest ‘Creating Markets for Climate Business’ report, released last week, outlines seven industry sectors that can make a crucial difference in catalysing the required private investment.
These include renewable energy, off-grid solar and energy storage, agribusiness, green buildings, urban transport, water and urban waste management.
The report notes that renewable-energy investments are likely to reach a cumulative $11-trillion by 2040, with investments in off-grid solar and energy storage likely to reach $23-billion a year by 2025.
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