Sustainable finance key to Africa's growth
As Africa's population booms and its cities rapidly industrialise, sustainable finance will play a crucial role in funding the infrastructure needed to power continued growth.
As Africa's population surges towards 2.5 billion by 2050, sustainable sources of funding will be critical to power the infrastructure needed for the continent's industrialidation.
Crystal Orderson chats with Bongani Bingwa about Africa's sustainable finance landscape, and how more climate-resilient development is taking shape.
"We see how Africa is industrialising rapidly. Sustainability of banks operating in Africa is important so they can design debt instruments to finance our infrastructure needs like transport, renewable energy, and water management," said Crystal Orderson.
Orderson's recent trip to Ethiopia revealed striking urbanization, highlighting Africa's immense infrastructure challenges as countries industrialize to meet population demands, emphasising the necessity of funding and access to sustainable finance through banks.
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The African Development Bank leads efforts to mobilise climate funding for the continent. As Orderson explains, "the Bank is saying Africa isn't getting enough money to adapt to climate change, needing billions more. They created an innovative Climate Action Window to support vulnerable countries with climate adaptation projects."
One example of sustainable finance in action is Botswana's new 100 MW Mmadinare Solar Complex project, launched to reduce the country's $1.7 billion annual electricity import bill and gain energy security. With partners like RMB structuring sustainable strategies, Botswana is shifting from fossil fuels to renewable solutions.
Africa Focus, presented by Crystal Orderson, is brought to you by RMB. To find out more about RMB’s focus on Africa’s Investment opportunities, visit the official RMB website.