By Eberechi Obinagwam
In recognising the critical role of investment in climate action, Climate Action Africa Forum 24 (CAAF24) has announced its support with the Pan African Climate Action Fund for a $20 million initial investment fund.
Announcing this on Wednesday at the Climate Action Africa Forum 2024 (CAAF24), an event organised by an environmental advocate, Climate Action Africa (CAA) in Lagos, executive director, Grace Oluchi Mbah said the fund is co-created by dedicated Africans.
She said the fund seeks to empower small growing businesses and startups in the energy, agriculture, circularity, and transportation sectors.
She also announced the launch of billion trees for Africa Initiative which aims to address environmental degradation and enhance the ecological and economic resilience of African communities.
At the event themed ‘Green Economies, Brighter Futures,’ Mbah reaffirmed the company’s commitment to nurturing innovators and climate solutions through their new Pan-African Green Economy Program (PAGE), created in partnership with IDEA AFRICA and the Founder Institute, PAGE to support 5,000 innovators across the continent by 2035.
Stressing the need for urgency for climate action, she said: “The challenges are stark: Africa is warming nearly faster than any other region, with 130 million people at risk from rising sea levels. Yet, for me, the most personal impact of climate change is on smallholder farmers—like my mother—who make up 60% of our population and produce 90% of our food. Their lives and livelihoods are on the frontlines of this existential threat.”
Special Advisor to the President on NEC and Climate Change, Rukia El Rufia, El-Rufai, said the forum’s theme underscores the need for economic growth alongside emissions reduction.
She called for increased investment in renewable energy and sustainable practices, adding that Africa must not only adapt to the changing climate but also invest in green technologies and economic development to reduce its carbon footprint.