UAE's $4.5B Clean Energy Push for Africa by 2030
The United Arab Emirates has pledged a massive $4.5 billion to significantly scale up renewable energy development in Africa to 15 gigawatts (GW) by 2030.
This is the first of its kind initiative between the UAE and Africa, and it seeks to unlock Africa's capacity for sustainable prosperity.
The initiative will be led by the Abu Dhabi Fund for Development, Etihad Credit Insurance, Masdar, and AMEA Power and will partner with Africa 50. The goal is to deploy $4.5 billion in investment that will catalyse at least an additional $12.5 billion from multilateral, public, and private sources.
The partnership will demonstrate the commercial case for clean investment across Africa and act as a scalable model that can be replicated.
Al Jaber acknowledged that Africa contributes just 3% of global emissions yet suffers some of the worst consequences of climate change. Droughts, floods, and failed harvests have exposed one-fifth of Africa's people to hunger, tripled the number of people displaced in the last three years, and are dragging down Africa's GDP growth by at least 5% every year.
He also recognised the scale of energy poverty within Africa, acknowledging that almost half of Africa's population still has no access to electricity, almost one billion people lack clean cooking fuels, and this energy gap will only increase as Africa's population grows.
Al Jaber said that the key to making this happen is finance, but it must be made available, accessible, and affordable. As part of the COP28 Presidency's Action Agenda, he emphasised his plan to fix climate finance.
This is a bold and ambitious initiative that has the potential to make a significant difference in Africa's fight against climate change and poverty. It is a welcome sign of the UAE's commitment to sustainable development, and it is an example of how countries can work together to address the global challenges of our time.
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Source: Utilities Middle East