CAPE TOWN, 6 March 2024: Africa’s Green Economy Summit, which took place in Cape Town in February, proved to be the catalyst for significant investments and interest in a variety of green projects from across the continent.
The largest deal to come out of the summit was a $600 million agreement concluded by North South Power at the event.
“Following a successful presentation at the 2024 Africa’s Green Economy Summit in Cape Town, North South Power (NSP) garnered significant interest from multiple institutional investors for four pipeline renewable energy projects. This includes a commitment to proceed with detailed due diligence for project preparation funding for all four projects,” announced George Nwangwu, Director, North South Power.
Projects with an investment pipeline of more than $1 405 billion were presented at the event. These came from ten African countries – South Africa, Nigeria, Kenya, Uganda, Rwanda, Ghana, Malawi, Ethiopia, Sierra Leone, Côte d’Ivoire – and spanned four key sectors – renewable energy, green transport, waste management and water services.
The event brought together key African stakeholders – including investors, project leaders, and policymakers – with the aim of facilitating investments to propel the continent’s green economy transition. A key aspect of the three-day summit was the pitch platform, which gave project owners the opportunity to showcase their businesses to global and local investors and corporate representatives, build key relationships and secure funding.
“I am delighted to say that AGES 2024 exceeded expectations. In addition to the plenary and networking sessions, the pitch stage that hosted 32 project pitch sessions was an absolute highlight,” said Iain Banner, Chairman of Go Green Africa.
“In terms of outcomes, there was the investment of US$600 million that was confirmed for the four Nigerian new energy projects that were represented on the pitch stage, and numerous other discussions are underway between projects and funders, all emanating from AGES.”
Event sponsor Sanlam Investments also emphasised the need for capital to back sustainable projects.
“We proudly support Africa’s Green Economy Summit because it bridges the global investment community with promising opportunities in Africa’s green economy sector. This reflects Sanlam Investments’ commitment to long-term sustainability. As one of South Africa’s largest black-owned asset managers, our purpose remains that we prioritise investments that foster the sustainability of people, communities, and the planet,” says Sanlam Investments CEO Carl Roothman.
“Recognising the urgency of climate change, we are honoured to contribute to reshaping Africa’s economic trajectory through this historic gathering of dignitaries, policymakers, and private sector advocates dedicated to unlocking Africa’s green growth potential. Together, we envision leveraging climate finance to drive Africa’s recovery and growth, catalysing transformative green economic development,” he added.
Dr Malle Fofana, Director of summit partner Global Green Growth Institute Africa, echoed these thoughts.
“Africa’s Green Economy Summit has proven itself as a platform where innovation meets partnership and investment opportunities. For Africa, the summit highlights the leading practices that are inspiring change for sustainable green growth, for current and future needs,” he said.
Project partners, including WESGRO, Edge Growth Ventures, AP3 Capital and Advisory, Grindstone, Bell Crescent Partners, Circular Energy and Holocene, provided a heavyweight presence at the summit, and gave pitching companies the platform to present their business models to high-calibre investors.
“This opportunity allowed me to meet dozens of people that I would’ve previously not been able to meet. We now have about eight follow up meetings which may yield positive results for investment in our company,” said Larissa Venter from Zero Carbon Charge.
“AGES presented the best match of Investors and investees that I have experienced,” added Johannes Bochdalofsky, Co-Founder & Project Lead, SeaH4
Beyond the investment element, delegates were spoilt for choice in terms of expert insight and analysis of a range of topics that provided the opportunity to obtain a deeper understanding of Africa’s green-economy landscape, its challenges, and opportunities. These included panels on e-mobility, green hydrogen, carbon markets and waste management.
“My dream for AGES has always been to create the Mining Indaba equivalent for the green economy and I believe we are well on our way. Impact is our ultimate measure and we look forward to monitoring this carefully into the future,” added Banner.
“Finally, none of this would be possible without a highly dedicated team of remarkable people who we extremely lucky to have with us on this journey.”
Africa’s Green Economy Summit partners include: Sanlam Investments (title sponsor), African Union (partner organisation), City of Cape Town (host city), Western Cape government (host province), Nedbank CIB (gold sponsor), Milken Motsepe Prize (gold sponsor), Wesgro (investment promotion partner), Gautrain (silver sponsor), USAID (empowerment partner), the Global Green Growth Institute and the World Resources Institute (partner institutes), Gauteng IDZ (Special economic zone partner) and AIDC (Auto Development Partner) and ESI Africa (host media). The Summit is organised in partnership with e-Movement.
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