Speaking during the African Climate Summit, COP28 President-designate Sultan Al Jaber, announced a UAE finance initiative that will invest $4.5 billion to unlock Africa’s clean energy. The investment initiative will aid in unlocking Africa’s clean energy potential.
“The initiative will prioritise investments in countries across Africa with clear transition strategies, enhanced regulatory frameworks and a master plan for developing grid infrastructure that integrates supply and demand,” he said.
“In short, this initiative is designed to work with Africa, for Africa. It aims to clearly demonstrate the commercial case for clean investment across this continent. And it will act as a scalable model that can be replicated to help put Africa on a superhighway to low carbon growth, ” noted Al Jaber.
Al Jaber’s announcement now means that UAE will commit a total of 5 billion dollars in Africa, after the UAE Carbon Alliance on Tuesday 5th 2023, signed a non-binding letter with the Africa Carbon Markets Initiative’s Advance Market Signal to purchase $450 million in African carbon credits by 2030.
The landmark initiative has brought together vital public, private, and development capital from UAE institutions, notably from Abu Dhabi Fund for Development (ADFD), Etihad Credit Insurance (ECI), Masdar, and AMEA Power.
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Africa50 an investment platform established by African governments and the Africa Development Bank (AfDB) has also joined the UAE finance initiative.
Speaking during a media roundtable at Villa Rosa Kempinski on Wednesday, 6th 2023, the CEO of Africa50 Mr. Alain Ebobisse mentioned that the intiative is not only impactful but also a symbol of a vibrant Africa that has full potential.
” Through this initiative the UAE is making a real and concrete financial commitment and setting ambitious targets. 15 gigawatts of renewable energy infrastructure, will make a bigger difference in Africa’s Climate Action agenda.,” said Mr Ebobisse.
Additionally, the CEO of Etihad Credit Insurance (ECI) Mrs. Raja Al Mazrouei, also noted that the initiative will empower 600 million people in Sub – Saharan Africa, through providing clean energy solutions.
