Fifteen climate projects from across the country have been selected to take part in the third phase of the Climate Finance Accelerator (CFA) in South Africa.
Cultura Fresh - expanding the existing successful hydroponic vegetable business to meet persistent excess demand. Cultura Fresh is currently the largest supplier of leafy greens in Western Cape. This expansion will create jobs and boost food security.
The businesses were chosen from 173 applications following a rigorous selection process. The chosen projects come from the energy, transportation, agriculture, forestry and other land uses, circular economy, and water sectors.
The businesses concerned will receive tailored one-to-one and group support from financial, technical, and gender equality and social inclusion experts to help increase their chances of securing finance from South African and international investors. For the first time, two separate cohorts have been created to trial providing capacity building to promising early-stage projects.
So far, almost a third of projects from the first two phases of CFA South Africa have found investment since participating in the program.
British High Commissioner to South Africa, Antony Phillipson said: "South Africa has a huge number of companies and organizations with innovative ideas on how to tackle climate change. Support provided to these projects will help them secure investment, deliver green growth and jobs, and contribute to South Africa meeting its climate commitments."
The 10 core cohort projects will undertake intensive capacity building before pitching to investors at an event in July, which early-stage projects will also be invited to attend.
The 5 projects selected in the early-stage pilot will have the opportunity to attend elements of the core capacity-building training and will be encouraged to share their experiences with members of the core cohort, who may act as mentors.
CEO of the National Business Initiative (NBI), Shameela Soobramoney said: "NBI believes that identifying and supporting innovative, low carbon companies across key green economy sectors is not just a strategic initiative, but a moral imperative. These companies represent the vanguard of progress, offering solutions to some of the most pressing challenges facing our country and the globe."
Initiatives like CFA illustrate how targeted support, collaboration, innovation, and unwavering dedication can pave the way for a brighter, greener future for generations to come. If we don't create the future we want, the one we get will be worth infinitely less.
CEO of GreenCape (GC), Michael Mulachy said:
Food systems, rare earth metal beneficiation, storage, e-mobility, waste and sanitation are all featured in this year's CFA finalists. This incredible cohort have solutions to some of the most pressing green economy challenges globally.
Each finalist has found its niche in South Africa and has the potential to scale up rapidly – creating much-needed jobs and investment in South Africa's green economy. The CFA program has been an incredibly effective launch pad for these innovative green companies and GreenCape is eager to see the impact of this cohort.
Among the different projects, the Cultura Fresh one will see the expansion of the existing successful hydroponic vegetable business to meet persistent excess demand. Cultura Fresh is currently the largest supplier of leafy greens in Western Cape. This expansion will create jobs and boost food security.
Source: gov.uk