- The scheme is to help Africa develop recover strongly in a digital and greenway
- The project covers clean hydrogen production in Africa
- Climate finance pledges of $100 billion per year to developing countries
The European Union and African Union has launched a financing scheme to accelerate Africa’s green energy transition. The project aims to help the continent recover and transform in a powerful, inclusive, green, and digital way. The targeted areas, such as addressing the global challenge of climate change, are expected to receive around €150 billion in investments. In full compliance with the Paris Agreement, the EU intends to work with Africa to maximize the benefits of the green transition while minimizing environmental threats.
It will cover the production of clean hydrogen in Africa. Africa is particularly vulnerable to climate change’s extreme effects, jeopardizing decades of economic progress and development. By supporting disaster risk reduction and climate change adaptation and improving disaster preparedness for effective response and recovery, the package will help build resilience. During a two-country Africa trip to promote the scheme, EU President Ursula von der Leyen announced the funding for investment in Africa.
Meanwhile, climate activists have expressed a desire for more information on how the fund will be disbursed and the terms and timelines for implementing these plans. Climate finance pledges of $100 billion per year to developing countries to support adaptation and mitigation against climate change have yet to be fulfilled.