- The investment aims to develop 15GW of clean energy projects by 2030 and generate an additional $12.5 billion from multilateral, public and private sources.
- The $4.5 billion is to kickstart a pipeline of profitable clean energy projects in the continent.
The United Arab Emirates is investing $4.5 billion to develop 15 gigawatts (GW) of clean energy projects in Africa by 2030. This was made known during the Africa Climate Summit hosted by Kenya, aimed at attracting funding for efforts to combat global warming. According to the International Renewable Energy Agency, as of 2022, Africa’s renewable generation capacity was 56GW.
UAE’s minister for industry and advanced technology, Sultan Al Jaber, disclosed plans to deploy $4.5 billion to kickstart a pipeline of profitable clean energy projects in the continent. He added that if Africa loses, then the world loses. Jaber, who is also the head of Masdar, UAE’s national oil company, ADNOC and the COP28 climate talks, said, “The investment aims to generate at least an additional $12.5 billion from multilateral, public and private sources.”
The Africa Climate Summit, which ends today, assembled African leaders to define a shared vision for green development on the diverse continent of 1.4 billion people. Heads of state, government and industry leaders are among thousands of attendees at the Africa Climate Summit in Kenya, where Africa is promoting its potential as a clean energy powerhouse. The event will be followed by the COP28 summit later this year in Dubai, which is expected to feature competing agendas for the world’s energy future.
Recall that the UAE, yesterday at the ACS, promised to buy off carbon credits in Africa. This indicates that the Arab country is beginning to lead in investments in Africa.