2023-06-21 16:53:35
During a visit to M-KOPA, one of Africa’s leading fintech platforms, the President-designate of COP28 and Minister of Industry and Advanced Technology of the UAE, Sultan Ahmed Al Jaber, highlighted the importance of small and medium-sized enterprises in creating technologies that promote lasting positive change in vulnerable and remote communities as we help meet our climate ambitions and keep 1.5°C within reach.
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COP28 UAE President-Designate visits award-winning Kenyan fintech leader M-KOPA on the sidelines of Africa Energy Forum (Photo: AETOSWire)
M-KOPA, one of the fastest growing companies in Africa, is one of 106 past winners of the Zayed Sustainability Prize, the UAE’s pioneering award that recognizes innovative contributions in the areas of health, food, energy, water and action weather.
During a tour of M-KOPA’s facilities and an information session by its Director General, David Damberger, Minister Al Jaber – who helped establish the award and is its Director General – said: “The award winners continue to address some of the challenges of sustainable development today. They are providing quality medical care, nutritious food, essential energy and access to clean water. In short, a better world for all of us”.
Al Jaber is in Kenya for the Africa Energy Forum to prepare for the UAE’s COP28, which will take place in Dubai at the end of the year and marks the next step in international cooperation to combat climate change. The meeting takes place at the crucial midway point between the 2015 Paris Agreement framework and the 2030 target for climate action, with the first global stocktaking of emissions cuts providing a valuable opportunity to align the world’s efforts.
This moment also highlights the work of M-KOPA and other past Zayed Sustainability Prize winners that address climate-related challenges in vulnerable countries around the world. In line with the UAE’s priorities, they have taken important steps to reform land use, transform food systems and ensure a pragmatic energy transition.
Since its founding in 2010, M-KOPA has reduced more than 2 million tons of carbon dioxide emissions, connected 400,000 first-time internet users, and served more than 3 million customers in sub-Saharan Africa. To achieve this, the company created one of the world’s most advanced connected finance platforms, making $1 billion in credit available to financially excluded people. The company also provided extensive training and jobs, generating over $180 million in extra income for its sales agents.
M-KOPA’s flexible credit model allows people to pay a small deposit and gain instant access to everyday essentials, including electric motorcycles, solar energy systems and smartphones, and then move on to digital financial services such as loans and health insurance. Most recently, the company successfully closed more than $200 million in sustainability-linked debt financing to drive women’s financial inclusion and reduce greenhouse gas emissions in its East African markets through the development of its solar products, making a significant contribution to combating climate change.
David Damberger, Managing Director of M-KOPA, commented: “It was a privilege to welcome His Excellency Dr. Sultan Al Jaber today and showcase the remarkable impact we have made through our sustainable solutions.”
“Receiving the Zayed Sustainability Prize marked a pivotal moment in our journey and we are deeply grateful for the recognition,” he added. “At M-KOPA, we have always been driven by a deep-rooted commitment to empower bank-poor consumers while tackling climate change through our flexible lending model and clean energy solutions. We sincerely hope that our success will inspire other small businesses and entrepreneurs across Africa to apply for the Prize, as it has the power to drive transformative change. Furthermore, it is a testament to the UAE’s support for small African businesses and its humanitarian legacy, which continues to empower and uplift communities across the world.”
During his visit, Al Jaber also caught up with former Global High Schools award winner and current CEO of Mazi Mobility, Jesse Forrester, who updated the COP president-designate on his electric mobility company, which operates a fleet of electric motorbikes and tuk-tuks.
Al Jaber stated, “The Global High Schools category was launched to inspire young people to unlock their potential and encourage them to pursue careers in the field of sustainability. Seeing this come to fruition through one of our past winners speaks volumes regarding the transformative impact of the award. Seeing firsthand what Jesse has built is truly inspiring and should serve as a role model for other young entrepreneurs looking to change the world.”
“Climate change poses a challenge on health, food, energy and water, among other issues, and only by taking an overall approach can we hope to ensure a just transition that leaves no one behind. SMEs make up 80% of global GDP, but the vast majority haven’t even started their ‘net zero’ journeys yet. The Zayed Sustainability Prize is determined to empower those striving to create value in the energy transition and demonstrate that climate action can lead to sustainable development. As we approach COP28, I am determined to empower the voices and perspectives of young entrepreneurs like Jesse and ensure that we provide practical solutions that can change the lives of millions of people like him.”
In its 15th year, the Zayed Sustainability Prize has transformed the lives of more than 378 million people worldwide, empowering 106 past winners to make a difference. Each winner in the Health, Food, Energy, Water and Climate Action categories receives $600,000 to expand the scope and scale of their sustainability solutions. Six winners in the Global High Schools category each receive up to $100,000. By enabling entrepreneurs to create their solutions, the award has so far awarded US$ 3.6 million.
About the Zayed Sustainability Prize
The Zayed Sustainability Prize honors the legacy of the late founder of the UAE, Sheikh Zayed bin Sultan Al Nahyan. The award aims to promote sustainable development and humanitarian action by recognizing and rewarding organizations and high schools that are delivering innovative sustainable solutions in the categories of Health, Food, Energy, Water, Climate Action and Global High Schools. For more than 15 years, through its 106 winners, the award has positively affected the lives of more than 378 million people in 151 countries.
* Source: AETOSWire
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Source: BUSINESS WIRE
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