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Ventures Platform Advocates Creation of Inclusive Climate Fund

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Ventures Platform climate fund

By Adedapo Adesanya

Early-stage venture capital fund, Ventures Platform, which invests in innovative startups across Africa, has called for the establishment of an inclusive climate innovation fund to support underrepresented groups in climate entrepreneurship.

This is part of recommendations made in its recently published climate tech whitepaper entitled Innovating for a Sustainable Future: Leveraging Venture Capital and Startup Innovation to Combat Climate Change in Africa.

The white paper outlines key goals, strategies, challenges, and ecosystem support needed to enhance the impact of African climate tech startups, providing a comprehensive guide for non-climate VCs and entrepreneurs in the technology sector. It also proposes a framework for a coordinated climate response in the African tech sector.

Formally launched at the recently held Africa Prosperity Summit in Lagos, the paper explores how the agility and innovation of startups, combined with the strategic deployment of venture capital, can catalyse the development and scaling of climate-smart solutions tailored to the specific needs and challenges of African communities and ecosystems.

Furthermore, the paper offers insights to climate tech startups on how to secure and maintain venture capital support, while providing an in-depth analysis of how venture capital and startup ecosystems can act as powerful engines of progress in the face of environmental adversity.

Other recommendations made include the need to develop Africa-specific metrics for measuring the success and impact of climate-focused startups, considering both environmental and socio-economic factors.

Since launching in 2016, Ventures Platform has funded over 90 startups, with at least one in every region of the continent and across various sectors including climate tech. Many of its startups are category leaders in fintech, healthtech, and insurtech, including Moniepoint, Mdaas Global and Tanel Health.

While not primarily a climate fund, Ventures Platform understands the importance of sustainable investments for long-term prosperity and has factored this into its investment guidelines by prioritising businesses that implement sustainable practices, reduce environmental impact and drive long-term ecological benefits.

Drawing from its learnings as a key player in Africa’s tech ecosystem and from broader research, Ventures Platform has published this climatetech white paper to better equip non-climate Venture Capitalists (VCs) and startups with insights and tools to support Africa’s climate resilience through strategic investments and operational choices.

The fund also called for the facilitation of cross-border collaborations between different types of VCs through networking events, joint investment programmes, and knowledge-sharing platforms.

According to the United Nations, Africa contributes under 4 per cent of the global greenhouse gas emissions yet suffers disproportionately from climate change.

Ventures Platform, through the white paper, proposed a simplified framework focusing on adaptation, mitigation and enablers, to guide the African VC and startup ecosystem in addressing climate challenges.

It examined that adaptation strategies include developing climate-resilient infrastructure and agricultural practices. Mitigation efforts focus on reducing greenhouse gas emissions through renewable energy adoption and sustainable land use while ‘enablers’ encompass financing mechanisms, policy frameworks, educational programs, and technological innovations.

It also recommended the conduction of sector-specific climate opportunity assessments to identify and prioritise high-potential sectors for climate innovation in Africa.

Presenting the white paper at the Africa Prosperity Summit, Mr Dotun Olowoporoku, Managing Partner, Ventures Platform, shared, “African VCs often prioritise impact and livelihoods along with traditional metrics, but there is an urgent need to focus on climate-resilient business models”

Mr Olowoporoku also noted that climate change poses formidable threats with potential for severe impacts across multiple sectors, and noted that,”building climate-resilient business models can unlock business, societal and environmental sustainability.”

“As Venture Capitalists, we can drive change in Africa’s climate action by providing funds, encouraging innovation, and scaling climate-smart solutions. Startups like MAX, Rana Energy, and ThriveAgric, which were recognised in the 2024 TIME 100 Climate list, show how tech-driven solutions can address local issues and help global climate efforts.

“At Ventures Platform, we are deeply committed to investing in companies that are not only commercially successful but also actively contribute to solving some of society’s collective challenges”.

Commenting further on the landmark paper, Mr Dolapo Morgan, Senior Investment Associate at Ventures Platform, shared, “Africa is at the receiving end of the world’s climate disaster and it is important for us to turn this challenge into opportunities. It is time for entrepreneurs to focus on building climate-resilient business models for long-term sustainability while creating innovative climate solutions to tackle climate challenges.

“We are already beginning to see some startups and investors move in this direction and that is a good start. This white paper is a call for a coordinated African response towards scaling the opportunities that climate change presents to our technology sector, emphasizing the pivotal role non-climate funds can play in complementing and amplifying the efforts of climate-focused investments,”

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Nigeria Adopts New Security Framework to Safeguard Oil Assets

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oil assets

By Adedapo Adesanya

Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Federal Ministry of Defence have agreed to deepen collaboration on the protection of critical oil and gas infrastructure through a new non-kinetic security framework designed to curb threats, strengthen community relations and sustain rising output.

The initiative comes as Nigeria recorded crude oil production of nearly 1.8 million barrels per day, one of the highest production levels in recent years, amid intensified efforts to combat crude oil theft, pipeline vandalism and other security challenges across the Niger Delta.

Speaking during a courtesy visit by a delegation from the Ministry of Defence to the Commission’s headquarters in Abuja, the chief executive of NUPRC, Mrs Oritsemeyiwa Eyesan, said the country’s recent production gains were directly linked to coordinated interventions involving security agencies and industry stakeholders.

“Today, we are benefiting from those efforts. Last month, we recorded production of nearly 1.8 million barrels per day throughout the month,” Mrs Eyesan said.

She noted that sustained investments in security operations, technology deployment and human capacity development had significantly improved production stability and operational efficiency in the upstream petroleum sector.

According to her, maintaining and expanding the gains has become critical as Nigeria seeks to increase crude oil output, attract fresh investments and maximise revenue generation from the petroleum industry.

“As we look to the future, we desire to grow production and must have assurances that security threats can be effectively managed. We can only achieve this through stronger collaboration with security agencies and industry stakeholders,” she stated.

Mrs Eyesan stressed that safeguarding oil and gas assets remains central to Nigeria’s energy security strategy and economic growth objectives, noting that production assurance has become a key requirement for investors considering new upstream projects.

She disclosed that the Commission was exploring wider deployment of advanced technologies, including drone surveillance systems, to improve monitoring of the country’s vast oil and gas infrastructure network and detect threats before they escalate into operational disruptions.

The NUPRC boss further revealed that the Commission would work closely with operators to refine and implement a new security framework, while providing leadership in stakeholder engagement and governance structures needed to ensure long-term sustainability.

The Minister of Defence, Mr Christopher Gwabin Musa, said the Ministry was introducing a non-kinetic security intervention model aimed at addressing the underlying causes of insecurity in oil-producing communities.

Rather than relying solely on military operations, he explained that the strategy would focus on community engagement, youth empowerment and social inclusion programmes to build lasting peace around critical energy infrastructure.

“One of the best ways to engage youths in oil-producing areas is through sports-based interventions,” Mr Musa stated.

He explained that the initiative would utilise sports development programmes to channel youthful energy into productive activities, reduce vulnerability to criminal networks and strengthen community ownership of critical national assets.

The Defence Minister, who was represented by one of his aides, added that the intervention would also include structured programmes for persons living with disabilities, creating broader opportunities for participation and economic inclusion in host communities.

According to him, the initiative aligns with the Host Community Development provisions of the Petroleum Industry Act (PIA) and is expected to strengthen relationships between operators and host communities while promoting sustainable development.

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PTML Unveils $50m Expansion Plan for Tin Can Island Port

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PTML

By Adedapo Adesanya

Port and Terminal Multiservices Limited (PTML) has disclosed the investment of $50 million to expand its terminal at Tin Can Island Port, Lagos, as part of efforts to strengthen Nigeria’s bid to become the leading maritime hub in West and Central Africa.

PTML Managing Director, Mr Ascanio Russo, made the disclosure on Wednesday during a visit to the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, in Abuja.

The investment by PTML, a member of the Grimaldi Group, will expand berthing capacity and acquire additional modern port equipment.

“The Grimaldi Group remains deeply committed to Nigeria and believes in the country’s potential as the leading maritime and logistics gateway in West and Central Africa,” Mr Russo said.

“This $50 million investment is designed to expand our berthing capacity and deploy modern equipment that will enhance operational efficiency, cargo handling, and service delivery.”

He said the upgraded berths would enable PTML to receive next-generation Container/Roll-on Roll-off, Con-Ro, vessels, including the largest Con-Ro ships currently operating globally, directly at the Lagos terminal.

“The maritime industry is evolving rapidly, with larger vessels becoming the standard for international trade. Through this expansion, PTML will be fully equipped to accommodate these next-generation Con-Ro vessels and keep Nigeria competitive for global shipping lines,” Mr Russo stated.

He added that the project responds directly to the Federal Government’s call for increased private-sector participation in port modernisation.

Mr Russo said the expansion would facilitate trade, increase cargo throughput, create jobs during construction and operations, and boost government revenue through higher port activity.

On his part, Mr Oyetola welcomed the investment as a vote of confidence in the Federal Government’s maritime reforms.

“This investment shows our reforms are yielding results and that international investors recognise the opportunities in Nigeria’s maritime sector,” the minister said. “We are determined to transform our ports into modern, efficient, and globally competitive gateways that support economic growth and position Nigeria as the maritime hub of West and Central Africa.”

Mr Oyetola said the government was implementing measures to improve port efficiency, reduce bottlenecks, upgrade infrastructure, and strengthen the ease of doing business.

He said these include port modernisation, deeper collaboration with private operators, digitalisation of port processes, and policies to attract more maritime trade.

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Lagos Police Investigates Ammunition Package Delivery to First Bank MD

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Oluwasegun Alebiosu First Bank MD

By Adedapo Adesanya

The Lagos State Police Command is investigating the delivery of a parcel containing live ammunition delivered to the managing director of First Bank Nigeria, Mr Oluwasegun Alebiosu.

The Commissioner of Police, Lagos State command, Mr Tijani Fatai, confirmed the incident on Tuesday during a press briefing at the command headquarters.

He said Mr Alebiosu reported the case on May 7, noting that two rounds of 7.62mm live ammunition were sent to him through a parcel.

“The managing director reported the matter to the police after a package containing two rounds of 7.62mm live ammunition was delivered on his behalf by his security guard at his residence. The case is still under investigation, and we are treating it with the seriousness it deserves,” he said.

According to him, the parcel was first received by the bank chief’s security guard, who then handed it over to him.

The police commissioner said that operatives have launched an investigation, including forensic analysis and intelligence work, to identify the perpetrators and the circumstances of the incident.

He added that no suspect linked to the crime has been brought into custody.

“Presently, no suspect is in custody. Even though the MD has mentioned some people whom he suspected of being the brains behind it, that is his suspicion, anyway. We are still working on it,” he said.

Mr Fatai noted that detectives are reviewing information provided by the complainant, including details of individuals who may have relevant knowledge of the incident.

He assured the public that the command would keep them informed as the investigations go on, adding that the public should allow the police to carry out their duties.

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