Coinciding with COP26, three Zambia-based organizations have agreed to set up a new climate fund next year focused on bankable projects and companies operating in segments such as climate-resilient agriculture, sustainable forestry, cleaner energy, and sustainable natural resource usage. The Green Outcomes Fund, as it is called, aims to raise a billion Zambian kwacha, (or about $55 million), to invest in small and medium-sized businesses that are committed to making the transition to green production practices and creating green jobs in Zambia.
World Wide Fund for Nature Zambia and Zambia National Commercial Bank (or ZANACO), the fund’s two main sponsors, have tapped Kukula Capital to manage the fund. By investing the fund’s growth capital, the goal is to create more than 5,000 green jobs both directly and indirectly, help mitigate climate change, improve water and waste management as well as boost sustainable agriculture in Zambia by 2030. Commenting on the news, Kukula’s Managing Director Tue Nyboe Andersen noted that “Zambia is well-positioned to become a leading green investment destination in Africa and has a competitive advantage through its rich endowment of natural resources.”
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