AfDB, Others Pledge Support for Climate Action Africa Forum Deal Room

African Development Bank (AfDB) has pledged its support for the 2024 Climate Action Africa Forum (CAAF24) Deal Room, taking place from June 19 to 20, 2024, at the Landmark Event Centre in Lagos, Nigeria. The Nigeria Sovereign Investment Authority, The Catalyst Fund, and the Africa Enterprise Challenge Fund are also supporters of this event.

The CAAF24 Deal Room is a platform connecting climate innovators in Africa with investors interested in supporting sustainable solutions. Climate-tech businesses focused on reducing emissions, energy, agriculture, transportation, circular economy, and building and construction are encouraged to apply.

Sonia Borrini, Communication and Knowledge Management Specialist at the African Development Bank, stated: “By facilitating connections between passionate entrepreneurs and dedicated investors, including the Bank’s strategic involvement, we can collectively unlock the immense potential of climate solutions in Africa.”

The Bank’s participation reflects its commitment to boosting investments in Africa’s green economy. It aims to galvanise a community of innovators, entrepreneurs, and investors to create applicable solutions to mitigate the challenges of climate change on the African continent.

Eligibility for the CAAF24 Deal Room includes:

• African-owned companies operating in any of the 54 African countries.
• For-profit companies between 1-5 years post-incorporation, post-minimum viable product and post-go-to-market.
• Companies that leverage digital technology in their business model.
• Female ownership is considered an added advantage.

“Through the CAAF24 Deal Room, and with the African Development Bank’s presence, we aim to bridge the critical gap between promising climate ventures and the essential resources they need to thrive,” says Grace Oluchi Mbah, Executive Director of Climate Action Africa.

The CAAF24 Deal Room will conclude with a post-event accelerator program in partnership with the Silicon Valley-based Founder Institute and IDEA Africa. This program is designed to further accelerate and enhance support for promising climate tech startups and founders.

The African Development Bank’s commitment to supporting climate action initiatives in Africa and its belief in the potential of the CAAF24 Deal Room to drive sustainable solutions remain unwavering.