- UNDP is launching an innovation course in off-grid solar financing through CAP.
- The initiative aims to accelerate access to electricity in East Africa.
The United Nations Development Programme (UNDP) has launched an innovation course in off-grid solar financing through the Climate Aggregation Platform (CAP). The objective of the course is to promote the creation of creative financial aggregation models and structures that can aid in boosting accessibility and lowering the price of clean energy financing in developing nations.
The CAP Financial Innovation Challenge is accepting submissions for solutions involving financial aggregation at various levels, such as aggregation of individual assets, projects, or businesses, as well as other cutting-edge aggregation models, such as carbon credit solutions, renewable energy certificates, cutting-edge debt financing models, and digital aggregation platforms. The tournament is limited to East Africa for this initial season.
The Sustainable Development Goals (SDGs), including SDG 7 on sustainable energy and SDG 13 on climate action, will be achieved, according to UNDP, through the competition’s facilitation of the transfer of know-how and creative solutions that can help developing countries overcome energy-related development challenges.
A total of five projects will be selected, including at least two in Uganda and Rwanda. The winning companies or organisations will receive USD 40,000 to develop their innovations. The CAP Financial Innovation Challenge is funded by the Global Environment Facility (GEF).