The United Arab Emirates, on Tuesday, announced an investment of $4.5 billion in clean energy projects for Africa which is aimed at attracting funding to combat global warming.
COP28 President-Designate, Dr. Sultan Al Jaber, made this announcement during his keynote address at the inaugural African Climate Summit held in Nairobi, Kenya.
Heads of state, government and industry leaders, are among thousands of attendees at the Nairobi summit, where Africa is promoting its potential as a clean energy powerhouse.
The initiative, which amounts to a substantial $4.5 billion investment, brings together a coalition of crucial stakeholders from the UAE, including the Abu Dhabi Fund for Development (ADFD), Etihad Credit Insurance (ECI), Masdar, and AMEA Power.
Al Jaber said the initiative will further unlock Africa’s clean energy potential, “We will deploy $4.5 billion… to jumpstart a pipeline of bankable clean energy projects in this very important continent,” said Sultan Al Jaber, who heads the government-owned renewable energy firm Masdar, the UAE’s national oil company ADNOC and the COP28 climate talks, he said.
Al Jaber, who has been a vocal advocate for tripling global renewable energy by 2030 and enhancing financial accessibility, urged African leaders to improve policy and regulatory frameworks to attract long-term investments in clean and renewable energy.
The Africa Climate Summit 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.