E Fest Cape Town to Host Africa Green Economy Summit to Connect Capital to Projects in February

Africa Green Economy Summit, an official E Fest Cape Town event, to be held February 22-24, 2023, will focus on exciting investment opportunities to accelerate Africa’s adoption of renewable energy, clean transport and clean technologies, such as green hydrogen, which can bring about social change and development.

Cape Town will host E Fest from February 22-25, 2023* – a curated mix of content and events, showcasing our electric future in the week leading up to the first E-Prix event to take place on the African continent.

“Our role is to be agents of positive change in the South African economy,” says Iain Banner, co-founder of E Movement Pty Ltd and Africa Green Energy Summit. “By hosting the summit, we are creating a marketplace to ensure that real investments are made in eligible green economy opportunities, not only in South Africa but also in deep Africa. We are connecting global capital with African green economic opportunities , to ensure that there is a real impact on the ground”.

SA must adapt to a green economy
“Climate change is accelerating the need for a transition to a green economy in Africa,” says Banner, “and South Africa must adapt to a green economy to remain competitive in the global economy”:

  • South Africa is the 12th highest carbon emitter in the world and the largest transmitter in Africa.
  • More 90% of transport emissions in South Africa are caused by road transportand automobiles in particular, yet the adoption of electric vehicles is slow.
  • The slow adoption of electric vehiclesas well as the carbon intensity of the national power grid, uncoordinated policy frameworks and deteriorating socio-economic conditions have raised concerns on South Africa’s ability to adapt and remain globally competitive.

Western Cape: first green economy
“I look forward to participating in this exciting summit,” said Western Cape Minister of Finance and Economic Opportunities, Mireille Wenger, “precisely because building energy resilience is a key priority for the Government of Cape Town. Western; not only because we need to mitigate the effects of outages and the resulting economic damage, but also because of the immense potential of this sector to attract investment, grow our regional economy and create jobs”.

According to the minister, the Western Cape is already proudly positioning itself as one of Africa’s leading ‘green economy’ investment destinations: “We have a strong green economy ecosystem, which we have worked hard to cultivate, because by prioritizing investments in the green economy, we are investing in our future, precisely because the future is green.”

Shaping the continent’s net zero future
“Africa Green Economy Summit
will welcome finance professionals and investors from around the world in a meeting place with the intention of connecting capital to projects,” said David Ashdown, CEO of VUKA Group, organizer of the summit.

“A global event like Formula E being held in Africa for the first time will create legacy impact projects that will shape the future of our continent,” says Ashdown. “Meeting during the week leading up to the race weekend, the global delegates will contribute to two days of in-depth dialogue around the green economy, a day of exciting social activities around the Western Cape and culminating in a weekend end of the race in the heart of Cape Town under the majestic Table Mountain”.

He adds: “The VUKA Group is very proud to partner with the local Cape Town E-Prix organizer to contribute to the program of events designed to create change across the continent.”

The green economy in Africa
The Summit’s focus on three of the seven interrelated pillars of the green economy; clean transport, renewable energy and clean technology, including green hydrogen, will provide a solid foundation of economic value and development. Due to the forecasts of rapid population growth, motorization and urbanization on the continent, there is an urgent need for these verticals to become prominent on the agenda as decarbonization of transport is at the heart of the concerns of the cities and towns around the world.

The event will highlight the investment opportunities that exist in the fields of green hydrogen, electric and hybrid vehicles, energy storage, solar, hydro and wind energy, infrastructure development, smart cities as well as manufacturing. Create a platform to bring stakeholders together in an environment where people and organizations will connect with information and each other.

African cities and green tech start-ups are spearheading the necessary change towards a just transition but need more capital to grow. Catalyzing investments between local and international stakeholders is key to accelerating the development of projects and infrastructure to enable a net zero economy on the continent. This new era presents an unprecedented opportunity for scaling up projects, further infrastructure development and reindustrialization, which will have a significant impact on environmental sustainability and economic growth.

Green economy: the UN SDGs
A green economy is defined as “sustainable development without degrading the environment. It is low-carbon, resource-efficient and socially inclusive. It does not replace sustainable development, but creates a new focus on economy, l investment, capital and infrastructure, jobs and skills, and positive social and environmental outcomes” – United Nations Environment Programme.

Governments across Africa are currently developing national plans and putting in place strategies to adapt their economies and growth patterns to achieve the United Nations 2030 Sustainable Development Goals and the Paris Agreement on Climate Change.

  • South AfricaThe National Development Plan of: Vision 2030 includes a green economy, which is designed to alleviate poverty and reduce inequality by 2030.
  • EthiopiaThe climate-resilient green economy strategy sets out its commitment to becoming a lower-middle-income country by 2025 with no net increase in emissions, while addressing climate risk.
  • Rwanda is committed to becoming a green economy, reducing its emissions by 38% by 2030.

E Fest Cape Town
Cape Town has become home to a thriving green economy, creating investment opportunities in this innovative space. E Fest in February 2023 offers a week of special events and entertainment to showcase sustainability, electric mobility and renewable energy solutions, backed by the ABB FIA Formula E International World Championship.

Also known as the Cape Town E-Prix, this is the first Formula E race to be held in sub-Saharan Africa and the first major open-wheel race since 1993. For the first time, North Africa Sud will be able to witness the exciting Formula E line-up in person, as drivers race their electric cars through the streets of Cape Town.

“GO GREEN AFRICA” is E Fest’s call to action for businesses and individuals to take it to the next level by pledging to go green.

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