Affordable capital to help drive Africa’s green transition

Deployment of affordable capital should be on top of the agenda as the globe prepares for COP28 later in the year if Africa is to supercharge low-carbon economic growth in rural Sub-Sahara. CNBC AFRICA spoke to Olu Aruike, Country Director, Husk. Aruike highlighted the progress Africa has made collectively in addressing climate issues and emphasized the importance of continued steps in the right direction. He noted that Africa's involvement in negotiations and commitments to climate action, including the recent African climate summit, are positive moves that need to be followed through effectively to assess their impact. Aruike stressed the significance of African countries receiving their fair share of climate financing, especially as the continent bears the brunt of climate-related challenges like electrification and droughts. The need for urgent and scaled deployment of funding is critical to prevent Africa from falling behind in the global efforts for climate action. With COP28 approaching, companies like Husk Power are advocating for a unified African voice towards climate financing partners, urging for increased attention and resources to address the continent's unique challenges. Aruike also emphasized the importance of focusing on regions like sub-Saharan Africa, where the majority of the population resides, to accelerate progress in combating climate issues. As Husk Power invests in countries like Nigeria and the DRC, they aim to contribute to widespread electrification using mini-grids by 2030, aligning with climate resilient solutions to advance Africa's green transition.