LATEST ARTICLE Overcoming sustainability challenges: practical solutions for your business Read Article

USAID announces multiple million dollar investments to support African climate leadership

As part of the Africa Climate Summit, the United States Agency for International Development (USAID) has unveiled a suite of investments and initiatives dedicated to climate action in Africa. These include $35 million in new investments for this year. These investments aim to enhance climate resilience and promote sustainable economic growth across African communities. Notably, they support the new Emergency Plan for Adaptation and Resilience (PREPARE), the Just Energy Transition Partnerships, and global efforts to protect crucial carbon sinks.

USAID announces investments to support African climate leadership_Landscape view of Kerio Escarpment, Great Rift Valley in Kenya_visual 1Landscape view of Kerio Escarpment, Great Rift Valley, Kenya, Africa. 

USAID has pledged a $1.4 million investment to bolster Kenya's carbon market activation plan and associated regulatory framework. This initiative underscores USAID's commitment to ensuring the integrity, transparency, and equity of the carbon market.

Furthermore, through Development Innovation Ventures, USAID plans to invest $1.5 million in supporting Kenya's BasiGo electric bus transport company, facilitating its expansion into Rwanda. This move is set to boost access to clean and green public transport options.

Read more: Green infrastructure: how nature can improve urban living

Expanding on its Clean Air Catalyst initiative, USAID will inject $2.9 million to collaborate with local government leaders in Nairobi, Jakarta, and Indore, aiming to combat air pollution stemming from transportation and waste burning. Notably, this initiative aligns with USAID's global efforts to reduce air pollution.

USAID's partnerships extend to Power Africa, where $4.8 million will be directed towards advancing South Africa's Just Energy Partnership investment plan. Additionally, they will invest in the African Development Bank's Sustainable Energy Fund for Africa and the African Legal Support Facility, further strengthening clean energy access and support for clean energy transactions.

Read more: UAE Carbon Alliance commits a staggering $450 million to African carbon credits

Through Prosper Africa, USAID will contribute $1.75 million to impact investment funds, EG Capital and The Catalyst Fund, with the aim of leveraging a combined $140 million to support climate resilience and high-growth startups across various sectors in Africa.

In Tanzania, USAID will invest $8 million in a five-year partnership with the Jane Goodall Institute to enhance the management of natural resources. Furthermore, $2.1 million will be allocated to improving the climate resilience of coasts and fisheries in Tanzania.

USAID's contributions extend to the C40 Cities Finance Facility, with a focus on adaptation and nature-based solutions to mitigate flood risk in South African cities.

Lastly, through its Enterprises for Development, Growth, and Empowerment Fund, USAID will invest $2.5 million in Acorn's Cooperative Carbon Finance Fund, enabling smallholder farmers to access the voluntary carbon market, with 80% of the proceeds benefiting these farmers, thereby promoting climate-smart and resilient agriculture.

These strategic investments by USAID underscore its commitment to advancing environmental sustainability and climate resilience in Africa and beyond, mirroring its shared dedication to fostering a sustainable future that transcends mere environmental impact and embraces the broader spectrum of social and economic wellbeing.

In alignment with our dedication to nature, DGB Group's vision extends beyond just carbon sequestration. Our ethos revolves around embracing a holistic sustainability approach, acknowledging that sustainability encompasses climate, environmental, economic, and social considerations. To realise this multifaceted sustainability approach, we engage in collaborative efforts with all stakeholders. This inclusive network includes government bodies, local communities, businesses, and NGOs. We believe these strategic alliances play an instrumental role in securing the success of our large-scale nature-based projects

Join the green transformation; invest in DGB’s 8% green bonds

Before you go...

As DGB Group, our sole purpose is to rebuild trust and serve the public by making the right information available to everyone. By subscribing to our mailing newsletter, you can get the latest tips and trends from DGB Group's expert team in your inbox. Sign up now and never miss the insights.

Read other news

Microsoft has made a significant move to bolster its carbon neutrality efforts by acquiring over 970..

Engie, a leading power company in Europe, has pre-ordered 5 million tonnes of nature-based carbon re..

Airlines are set to invest $600 million in carbon offset credits in 2024, according to the Internati..

The Integrity Council for the Voluntary Carbon Market (ICVCM) has greenlit seven carbon crediting me..

Let’s get to know you

Let's talk about how we can create value together for your sustainability journey.