- Scholz pledged four billion euros by 2030 for renewable energy investments through the Africa-EU Green Energy Initiative.
- The compact aims to increase the role of African states in providing resources for sustainable technologies and processing them on-site.
Germany has announced plans to invest 4 billion euros in sustainable energy projects in Africa until 2030. German chancellor Olaf Scholz disclosed this at the Compact with Africa summit in Berlin. The investment will help improve Africa’s role in renewable power, green hydrogen and critical raw material extraction.
Ahead of the summit, the German government said the compact aims to increase the role of African states in providing resources for sustainable technologies and processing them on-site. Scholz pledged four billion euros by 2030 for renewable energy investments through the Africa-EU Green Energy Initiative.
He said, “This is not about development aid according to the outdated patterns of donors and recipients. This is about investments that pay off for both sides.” The summit, stemming from an initiative at the G20 group of influential countries, brought together the leaders of several African and European states. The main topic discussed at the event was clean energy, its role in developing African economies, and the benefits of global decarbonisation.