RELEASE: 17 New Partnerships Receive $6.5 Million in Funding from P4G for Innovative Climate Solutions

RELEASE: 17 New Partnerships Receive $6.5 Million in Funding from P4G for Innovative Climate Solutions

March 27, 2024

Press Release

Finance

WRI's Partnering for Green Growth and the Global Goals (P4G) initiative will provide grant funding and technical assistance to help these partnerships become investment ready

Washington, D.C. (March 28, 2024) - Today, Partnering for Green Growth and the Global Goals 2030 (P4G) announced $6.5 million in grant funding and technical assistance for 17 new startup partnerships in Africa, Latin America, and Southeast Asia. This funding will help early-stage businesses become investment ready so they can scale climate solutions such as solar-powered battery charging hubs, biodiesel production, climate smart agriculture to improve yields and farmer incomes, and rooftop tiles that can integrate solar panels and collect rainwater.

By 2026, this group of partnerships aims to collectively leverage US $95 million in investment, create more than 1,700 new jobs, benefit about 1.3 million people in these countries, and reduce or avoid around 900,000 metric tons in carbon emissions.

"Small and medium businesses are engines of growth for many economies and have an uphill battle attracting climate finance because of the environments or sectors they work in," said Robyn McGuckin, Executive Director, P4G. "They're central to just country transitions, bringing scalable innovation that can directly benefit local economies and communities. These new partnerships exemplify the innovation of early-stage startups. At P4G we're committed to supporting the climate startups of today so that they can become the sustainable business titans of tomorrow."

Small and medium enterprises represent about 90% of businesses worldwide and create 7 out of 10 jobs in emerging markets. Access to finance is a key constraint to small and medium enterprises' growth because they either don't meet investment readiness standards or work in higher risk countries or sectors. P4G helps bridge the gap between climate businesses and investors with grants and technical assistance while providing collaboration opportunities with relevant ministries and industry leaders through country-led P4G National Platforms.

P4G partnerships are composed of an early-stage business, a nonprofit organization, and other partners working together on climate mitigation or adaptation solutions in the food, water or energy sectors. Recipients will provide critical climate solutions in Colombia, Ethiopia, Indonesia, Kenya, South Africa and Vietnam.

One recipient - the Sun Run and Sustainable Transport Africa partnership - is using these funds to advance the e-mobility transition in rural Kenya. Its first solar powered battery charging and swapping hub was launched in Dunga Beach, Kenya. The hub is used to charge electric fleets, provide security lighting for nighttime traders, and for charging devices.

"With support from P4G funding, we're already helping African women transport their produce in a safer and more cost-effective way," said Carol Ofafa, CEO & founder, E-Safiri Charging Limited. "With this next round of funding, we'll deploy 10 charging hubs, provide training to women's groups on the benefits of e-mobility, and develop white papers that can inform policies for sustainable rural mobility."

P4G partnerships provide products or services in the areas of climate-smart agriculture, food loss and waste, water resilience, zero emission mobility and renewable energy. Partnerships receiving funding will scale products and services such as high-performance bamboo building material while restoring degraded land in Ethiopia (African Bamboo - Solidaridad East Africa); an edible natural coating that can double the shelf life of fruits and vegetables in Indonesia (BIKI - FoodCycle Indonesia), and a centralized collection and processing of brown grease from industrial kitchens in Colombia for large-scale biodiesel production (ZhanaSolutions - Fondo Acción).

Startup partnerships receive support from P4G's National Platforms, which are multi-stakeholder government and industry coalitions in each country. National Platforms facilitate network connections and collaborate on the enabling policy and regulatory environments needed for climate businesses to succeed. P4G also helps startup partnerships through investor and business matchmaking sessions, which bring them in front of impact investors who are looking for viable solutions to finance.

P4G received 100 applications for funding for this round. An Independent Grants Committee comprising climate and impact investing experts evaluated shortlisted partnerships before making a final decision.

Since its launch in 2018, P4G has evaluated more than 1,000 applications and has funded 89 unique partnerships (including this group) who have leveraged US $90 million in investment to date, generated more than 1,000 jobs, and avoided more than 10 million metric tons of carbon emissions.

View the full list of 17 partnerships and their solutions.

About P4G
P4G contributes to green and inclusive growth in low- and middle-income countries by helping early-stage businesses become investment ready and supporting country climate transitions in food, water and energy systems. P4G provides grants and technical assistance to startup partnerships; contributes to enabling systems improvements in partner countries; and shares learning on green entrepreneur ecosystems and solutions. Hosted by World Resources Institute and funded by Denmark, the Netherlands and the Republic of Korea, P4G implements in Colombia, Ethiopia, Kenya, South Africa, Indonesia and Vietnam. To learn more, visit www.p4gpartnerships.org.

About World Resources Institute
WRI is a trusted partner for change. Using research-based approaches, we work globally and in focus countries to meet people's essential needs; to protect and restore nature; and to stabilize the climate and build resilient communities. We aim to fundamentally transform the way the world produces and uses food and energy and designs its cities to create a better future for all. Founded in 1982, WRI has nearly 2,000 staff around the world, with country offices in Brazil, China, Colombia, India, Indonesia, Mexico and the United States and regional offices in Africa and Europe.