Private Capital’s role in achieving COP 2030 Breakthroughs in Africa (HUMAN SETTLEMENTS)

Afri-Spective by AVCA
5 min readFeb 21, 2024
COP 2030 Breakthroughs

COP 2030 Breakthroughs pinpoint specific tipping points that must be achieved by 2030 to keep on track with the Pathways’ vision.

This edition explores contributions from AVCA Members in achieving these breakthroughs in HUMAN SETTLEMENTS, with other edition in this series contributions:


2030 TARGET: 60% reduction of open burning of waste levels by 2030, and full-phase out from Africa by 2040​.

2023: FSD Africa’s portfolio company invests in Bekia (Egypt)

  • Bekia is a technologically advanced waste management solution that enables businesses and households to trade in their waste for cash rewards paid to a digital wallet.
  • The US$100K funding from Catalyst Fund should enable it to expand activities in sustainable management of electronic waste, e.g. phones and laptops. These devices contain chemicals (lead and mercury), so when discarded in landfills and on streets lead to significant risks of respiratory illness.

2023: Norfund’s EUR2mn in plastic recycling in West Africa

  • Norfund committed a EUR2mn convertible loan to recycling company Wecyclers Nigeria Ltd, and a US$10.5mn in leading plastics manufacturer Miniplast Ghana Ltd, to support recycling capacity:
  • Wecyclers aimed to reach 500,000 households by 2023, and employs more than 200 people, 60% of whom are women.
  • Miniplast has a production capacity of 41 tonnes of plastic per day, and directly employs over 650+ and indirectly employs 200+ people.

“We can enable the development of an industry that is crucial in tackling the challenges of plastic pollution while creating a large number of jobs,” Carl Johan Wahlund, Investment Director, Green Infrastructure, Norfund

2022: AIIM acquires stake in South Africa’s EnviroServ

  • AIIM jointly signed an agreement for the acquisition of EnviroServ Waste Management (EnviroServ), to reinforce its positioning as an international player in industrial & municipal waste treatment activities.

‘With more than a quarter of the 100 fastest growing cities in Africa, we believe that our partnership will allow us to be more impactful participants and partners to communities and industries in bringing best-of-breed know-how and technology to waste management.’’ Vuyo Ntoi, Joint Managing Director of AIIM.

2022: IFC supports Waste Management in the Middle East and Africa

  • IFC is provided US$30mn to build the waste management company’s resilience post-pandemic and enable its planned growth in Morocco, and South Africa. The agreement will help deliver climate benefits through private-sector-led integrated waste management services.

Recycling the rapidly growing volume of waste to eliminate permanent harm to the environment is crucial to minimize damage to our fragile ecosystems, water bodies, and air quality” Hela Cheikhrouhou, IFC’s Regional Vice President for the Middle East, Central Asia, Turkey, Afghanistan, and Pakistan.

2020: AfDB accelerates the circular economy in Africa

  • African Development Bank aims to accelerate the African circular economy by minimising waste and maximising value from resources through the recovery and regeneration of products at the end of their typical shelf life.

“The circular economy model offers concrete means to deliver on the Paris Agreement, SDG commitments & broader Africa Agenda 2063 through scaling green innovations with positive impact on job creation & resource optimisation,” Prof. Anthony Nyong, Director for Climate Change & Green Growth, AfDB.


2030 target: 20% of global AC manufacturers bring to market affordable residential AC units that have 5x lower climate impact than today’s units by 2025​.

  • The African air conditioner market is projected to grow at a CAGR of around 7.5% between 2023 and 2028. Rising temperatures mean ACs have become necessary for survival. But solutions to the race against heat can act as accelerators of global warming if they‘re not addressed with a long-term and sustainable lens.

2023: African Development Bank approved US$20mn investment in the Pembani Remgro Infrastructure Fund II in Côte d’Ivoire; to help fill the estimated US$100bn funding gap in infrastructure.

  • Funds raised by the fund will be invested in such industrial and infrastructure projects as digital infrastructure, energy transition, ventilation, and air conditioning, with a focus on energy efficiency.
  • The fund will invest in companies based in some of sub-Saharan Africa’s leading economies, namely, South Africa, Kenya, Ghana, Nigeria, and Angola. Others are Uganda, Zambia, Mozambique, Botswana, Namibia, Côte d’Ivoire, Sierra Leone, Ethiopia, and Rwanda

Wale Shonibare, Director of AfDB’s Energy Financial Solutions, Policy & Regulation Department: “It is essential to cover the infrastructure gap to ensure economic prosperity and sustainable development in Africa.”

2019: World Bank Launches Program to Drive Sustainable Solutions

  • The World Bank announced a new program to accelerate the uptake of sustainable cooling solutions, including air conditioning, refrigeration and cold chain in developing countries. The program provides technical assistance to ensure that efficient cooling is included in new World Bank Group investment projects and mobilise further financing.

Sustainable cooling is a fundamental part of the energy transition. Meeting the growing demand for cooling services without compromising climate change goals will require substantial investments in energy-efficient cooling solutions that are affordable and accessible to developing countries”, said Rohit Khanna, Manager of the Energy Sector Management Assistance Program at the World Bank.