COP28 Proposes $4.5 Billion Funding for Clean Energy in Africa

Dr. Sultan Al Jaber, the COP28 President-Designate, has unveiled a finance initiative from the UAE that will allocate $4.5 billion to support the development of Africa's clean energy sector.
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This announcement was made during a keynote address at the inaugural African Climate Summit held in Nairobi, Kenya.

The initiative represents a collaborative effort, drawing on financial resources from UAE institutions, including the Abu Dhabi Fund for Development, Etihad Credit Insurance, Masdar, and AMEA Power. Africa50, an investment platform established by African governments and the Africa Development Bank, has also joined this UAE finance initiative. Africa50's role will involve identifying initial projects and establishing connections with local implementing entities.

Dr. Sultan Al Jaber, the COP28 President-Designate, has consistently advocated for a threefold increase in global renewable energy by 2030 and has been working to make finance more accessible, available, and affordable.

This initiative comes with a clear call to action for African leaders to enhance policy and regulatory frameworks, making them more attractive to long-term investments needed to accelerate the adoption of clean and renewable energy.

He said, “To reduce barriers to investment, the President-Designate highlighted multiple action points that require the coordinated efforts of African leaders and the international community.”

During his remarks, the COP President Designate said, “This initiative builds on the UAE’s track record of commercially driven, innovative blended finance solutions that can be deployed to promote the adoption of clean energy in emerging and developing nations.”

He added that this multi-stakeholder partnership approach was designed to accelerate sustainable economic progress, address the challenge of climate change, and stimulate low carbon growth.”

He said, “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.”

According to the statement, in sub-Saharan Africa alone, 600 million people live without access to electricity. Delivering greater access to clean energy will drive social and economic development but currently investment in African renewables represents only 2 per cent of the global total, and less than a quarter of the $60bn a year the continent needs by 2030.

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