PROSPER Salone NEW

PROSPER Salone CLIMATE window

Sierra Leone is one of the most vulnerable countries to climate change in West Africa and among the world’s Least Developed Countries, with limited capacity to adapt to the adverse effects of climate change. Agriculture – Sierra Leone’s second largest economic sector after mining, contributing 59% to GDP – is facing long-term, high-risk exposure to climate change. As a result, there has been a sharp growth in investors’ use of environmental, social and governance approaches to integrate climate risks and opportunities into investment decisions.

The CLIMATE window targets impact investors, institutional investors, domestic investors and international corporations seeking to invest in Sierra Leone with the aim to support mitigation and adaptation actions that address climate change and respond to the challenges caused by environmental degradation.

Investments should broadly fall within the following areas:

  • Adapting and building resilience to the current and future effects of climate change
  • Pursuing low-carbon development
  • Supporting the sustainable management of natural resources
  • Increasing access to clean energy
  • Reducing deforestation
  • Adopting climate-related disclosure measures
  • Carbon capture or carbon off-setting initiatives

Any sector or sub-sector aligned with climate change mitigation or adaptation is eligible. For example, potential sectors and sub-sectors could include the following:

Who can apply?

To be eligible for a grant, applications must:

  • Include a development rationale for how the grant will support further investment into Sierra Leone
  • Demonstrate how their project will promote investment (local and international) into Sierra Leone’s private sector and enable economic growth, income growth and job creation
  • Target either climate change mitigation or adaptation, or both
  • Prove that the final investment project will be in Sierra Leone

Types of applications

Applicants can apply for funding to de-risk their decisions to invest in CLIMATE projects in Sierra Leone. This can include early-stage investment activities such as:

  • Assessing the bankability of an investment
  • Conducting market scoping or environmental impact assessments
  • Site visits
  • Conducting due diligence on potential investees
  • Supporting pipeline development.

The CLIMATE window can also support proof-of-concept of investments. Activities under this category include:

  • Supporting businesses to adopt climate-related disclosure measures
  • Finalising the capital structure and financial model of an investment
  • Fundraising and marketing activities with prospective investors
  • Selection of investee companies
  • Producing key documents to finalise investment decisions
  • Developing a climate change or environmental action plan.

Proposals are accepted from organisations or consortiums of organisations. Applicants are awarded funding in disbursements based on milestones and will need to meet reporting requirements as well as passing strict due diligence.

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