Madagascar

Studies show the continent’s carbon emissions contributed the least to climate change, yet Africa remains the most vulnerable to the effects of the crisis.

A Crossboundary Energy subsidiary in Madagascar will develop, build, own and operate the Molo hybrid energy power plant at no capital cost to Canada-headquartered NextSource.

The Democratic Republic of the Congo could leverage its abundant cobalt resources and hydroelectric power to become a low-cost, low-emissions producer of lithium-ion battery cathode precursor materials.

Research highlights that pockets of funders continue to finance additional coal-fired generation capacity in South Asia and sub-Saharan Africa. $42 billion was committed to grid-connected coal power plants between 2013-2019 in the 18 countries studied.

Rio Tinto has signed a power purchase agreement for a renewable energy plant to power QIT Madagascar Minerals ilmenite mine using solar, wind and battery storage.

The European Investment Bank (EIB) has approved $4.9 billion financing for renewable energy, clean transport, COVID-19 recovery, social housing and education. Of this amount, $95 million will be allocated to the East Africa Rift Geothermal Project.

Madagascar’s state utility Jirama has announced plans to extend the capacity of Ambatolampy solar PV power plant as well as add battery storage.

UK battery developer Aceleron have partnered with Malagasy solar start-up Jirogasy to provide solar powered laptops to school children in Madagascar.

Humanitarian initiative 20by2020 recently installed Safe Water Cube foundations across five rural areas of Madagascar.

In Madagascar, only 15% of the population has electricity access. This shortfall offers a compelling climate finance investment opportunity.