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By Steve UMIDHA
Development agency, FSD Africa, says it is committing to reshaping Africa’s long-term financial landscape, celebrates its 10th anniversary by publishing its flagship 2023 Impact report.
Over the past decade, FSD Africa has dedicated itself to creating value for over 12 million individuals and 3.2 million businesses across the continent.
Also read: FSD Africa marks 10 years of existence
Reflecting a decade of landmark contributions to African financial markets, FSD Africa is proud to have impacted the lives of at least 12 million individuals and facilitated growth for 3.2 million businesses through its innovative financial interventions.
Since 2017, FSD Africa has demonstrated a steadfast commitment to sustainability, with investments in green initiatives reaching approximately $90.9 million (£76.3 million) as of March 2023.
The agency aims to double this figure by 2025, realising its strategic vision to make green and sustainable initiatives constitute 70% of its total portfolio, up from the current 60%.
FSD Africa‘s interventions have mobilized an impressive $1 billion (£820 million) to advance Africa’s green growth and social development agenda. These investments reflect the agency’s dedication to fostering positive change at a significant scale.
Having played a pioneering role in the development of African carbon markets, FSD Africa focuses on innovation, scaling up use cases, and establishing essential market infrastructure.
The agency believes that carbon markets hold immense potential to contribute substantially to Africa’s climate resilience efforts.
In addition to its broader initiatives, FSD Africa actively promotes an African voice within the Task Force on Nature-Related Disclosures (TNFD) through the African Natural Capital Alliance (ANCA).
With over 30 signatories and combined assets exceeding $390 billion (£321 billion), this initiative aims to enhance nature-related financial risk management on the continent.
As part of its ongoing commitment to address the continent’s climate challenge, FSD Africa emphasizes the importance of gender inclusivity in its efforts within the financial markets, acknowledging the pivotal role women play in shaping sustainable solutions.
As FSD Africa continues its mission to make finance work for Africa’s future, the 2023 Impact Report stands as a testament to the agency’s unwavering commitment to catalysing positive change in the financial sector and contributing to the sustainable development of the continent.
Commenting on the report, Mark Napier, Chief Executive Officer of FSD Africa: “This year’s impact report highlights the emerging outcomes of our work on innovative climate finance, growing Africa’s carbon markets, and financing for nature and biodiversity.
We are proud to celebrate this ten-year milestone, which is a testament to the dedication of our staff, the support of our Board, and the commitment of our principal funder, FCDO. FSD Africa recognizes the need for a paradigm shift in the global financial architecture.
Our focus on innovative financing and supporting financial intermediaries remains steadfast. We are committed to investing more resources to bring new financing instruments and mechanisms to the market.”