South Africa’s Rand Merchant Bank (RMB) has announced its partnership with climate technology company KOKO to drive growth in climate financing.
The partnership marks a move to find clean energy and combat deforestation, issues that are critical in South Africa. KOKO aims to replace charcoal usage with bioethanol cooking fuel and has established KOKO Fuel ATMs across Kenya.
In light of the Nairobi Declaration, which declared Africa’s commitment to financing the energy transition and reducing carbon emissions which was delivered in September 2023, RMB’s collaboration with KOKO will align with national goals.
Phil Norton, carbon finance lead at RMB, commented: “We are proud to partner with KOKO in supporting their continued rapid growth while bringing far more affordable and lower emissions energy to millions of people in Africa. As a pan-African investment bank, this deal fits well within our ambition to build a market leading carbon trading and finance business operating across Africa, serving both existing and new clients.”