Solving the energy crisis in the country is an ongoing challenge according to Energy and Mineral Resources Minister Gwede Mantashe. The energy minister said…
Funding remains the largest obstacle for many energy-efficient and renewable energy entrepreneurs, as substantial finance is still being allocated to the development and discovery of fossil fuels.
“There are thousands of amazing cleantech entrepreneurs with solutions that need to grow, in order for emissions to shrink rapidly and for more people to get clean energy access,” adds Stefan Henningsson, WWF Global Climate and Energy Initiative Senior Adviser on climate innovation.
According to Samsntha Smith, leader of WWF’s Global Climate and Energy Initiative, “the technology and the business models to shift away from fossil fuels already exist – but they need support. With the climate negotiations in Paris just a few weeks away, world leaders and investors must use the opportunity to show that we are willing to embrace solutions for a more sustainable future.”
Supported by the WWF’s Climate Solver initiative, the Call to Climate Action is signed by 26 CEOs, chairpersons, and founders of companies based in South Africa, Sweden, China, and India. Many of these companies operate globally. Included amount the supporting companies are Heliospectra, GPS Renewables, Simpa Networks, and ONergy.
This follows recent widespread calls from civil society, faith groups, and the business sector for more ambitious action in climate change.
Johan Siverklev, founder of heat exchange company, Air to Air, says the greatest challenge to climate innovation are entrepreneurs chasing funding, which delays how long products come to market. “It is high time capital starts chasing climate entrepreneurs rather than the other way around,” adds Siverklev.
A lack of funding doesn’t just affect the renewable energy sector, but also startups in general, as found by Ventureburn’s own startups survey.