The African Development Bank has announced a $10 million investment from its Sustainable Energy Fund for Africa into the Persistent Africa Climate Venture (ACV) Builder Fund. This investment aims to enhance climate technology entrepreneurship across Sub-Saharan Africa and unlock an additional $70 million in funding for climate-focused ventures.
The ACV Fund will focus on financing early-stage climate technology entrepreneurs in sectors such as solar energy, energy efficiency, electric mobility, agricultural technology, and circular economy innovations. A significant emphasis will be placed on supporting women-owned and managed businesses.
This strategic investment is anticipated to attract further private capital while reducing risks associated with early-stage climate technology businesses. The ACV Fund is expected to add 200 MW of renewable energy capacity, provide energy access to 420,000 households and 31,000 businesses, reduce approximately 17 million tons of CO2 emissions, and create over 66,000 jobs, particularly benefiting women.