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UK Support Enables Africa-focused Climate Fund to Raise $200 Million for African Climate Ventures

Blessing Joseph by Blessing Joseph
August 1, 2024
in News, Sustainability & Environment
0
UK Support Enables Africa-focused Climate Fund to Raise $200 Million for African Climate Ventures
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Catalytic backing from the United Kingdom has enabled the Helios Climate, Energy Access, and Resilience (CLEAR) Fund to raise $200 million in its initial close, aimed at investing in African businesses focused on climate mitigation and adaptation. Managed by Helios Investment Partners, the Fund aims to become the largest Africa-focused climate fund, with a target size of $400 million.

 

The CLEAR Fund will support and scale African climate champions by focusing on five key areas: Green energy solutions, climate-smart agriculture and food, green mobility and logistics, recycling and resource efficiency, and digital and financial climate enablers.

 

Research by MOBILIST indicates that sub-Saharan Africa’s renewable energy market represents a potential investment opportunity of $193 billion by 2031. Despite this, Africa currently attracts only three percent of global energy investment, according to the International Renewable Energy Agency.

 

UK Minister for Development, Anneliese Dodds, emphasized the UK’s commitment to climate leadership, stating, “This government is determined to restore the UK’s reputation as a world leader on climate. We need to act now to avoid further environmental devastation that will fuel illegal migration, conflict, and famine across the world.”

 

Gilles Vaes, CEO at InfraCo Africa, highlighted the significance of the announcement, noting that CLEAR was conceived by PIDG company InfraCo Africa, in collaboration with Helios Investment Partners and supported by ThirdWay Partners and FCDO’s MOBILIST. “It is a watershed moment for African growth businesses and the associated infrastructure seeking to address the climate crisis,” Vaes said.

 

Christopher Chijiutomi, Managing Director and Head of Africa at BII, expressed excitement about partnering with Helios Investment Partners to support African companies. “This investment reinforces BII’s commitment to Africa’s green transition, driving innovation and creating new opportunities for a resilient and prosperous future for Africa,” Chijiutomi said.

 

Ross Ferguson, who leads the MOBILIST program at FCDO, stressed the importance of addressing Africa’s climate financing gap. “MOBILIST will act wherever there are opportunities to unlock climate and development finance, including through faster reform of the global financial system,” Ferguson stated, underscoring the partnership with Helios Investment Partners in achieving these goals.

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