The United Arab Emirates (UAE) has pledged a substantial $4.5 billion towards clean energy investments in Africa, marking a significant announcement during a climate summit held in Nairobi, Kenya. The summit, focused on combatting global warming and promoting clean energy, attracted a diverse range of attendees, including heads of state, government officials, and industry leaders.
Sultan al-Jaber, who heads multiple UAE organizations including the renewable energy firm Masdar and the national oil company ADNOC, revealed this ambitious investment during the summit. Al-Jaber emphasized the importance of supporting clean energy projects in Africa, highlighting the continent’s potential as a key player in the clean energy transition.
The UAE’s commitment involves deploying $4.5 billion to initiate a pipeline of bankable clean energy projects across Africa. These projects aim to generate 15 gigawatts of clean power by 2030 and leverage an additional $12.5 billion in funding from multilateral, public, and private sources. This substantial investment signifies the UAE’s dedication to advancing renewable energy infrastructure in Africa.
As of 2022, Africa’s renewable energy generation capacity stood at 56 gigawatts, according to the International Renewable Energy Agency (IREA). While the continent possesses significant renewable energy resources, it has not received a proportionate share of global energy investments.
The Africa Climate Summit, taking place over three days, serves as a platform for African leaders to shape a collective vision for sustainable and green development on the continent, which is home to 1.4 billion people. During the summit, proposals will be presented to reform global financial structures to redirect a more substantial portion of climate-related investments towards Africa.
Al-Jaber also urged for a reevaluation of the current global financial architecture to alleviate debt burdens on African countries. He emphasized that the existing system is outdated and does not adequately support African nations in their efforts to transition to clean energy and address climate change.
The Nairobi summit is a precursor to COP28, another significant climate conference scheduled to take place in Dubai later this year. COP28 is expected to feature competing agendas and discussions on the world’s energy future, making the UAE’s announcement of clean energy investments in Africa even more noteworthy.
