UAE's $4.5B Clean Energy Push for Africa by 2030

Published on:
by KnowESG
KnowESG_UAE's $4.5B Clean Energy Push for Africa by 2030
Image courtesy of

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.

For more sustainable finance news

To view and compare company ESG Ratings and Sustainability Reports, visit our Company ESG Profiles page.

Source: Utilities Middle East


Sustainable Finance Headlines

Air Liquide Issues €500M Green Bond for Green Projects

Air Liquide Issues €500M Green Bond for Green Projects

Diageo Invests €100M to Decarbonise Guinness Brewery

Diageo Invests €100M to Decarbonise Guinness Brewery

China, Singapore Strengthen Green Finance Cooperation

Voyage Foods Secures $52M for Allergen-Free Treats

Ukraine and Sweden Team Up for Greener Energy Future

GCash Goes Green: New Feature Tracks Carbon Footprint

OTP Group Publishes 2023 Sustainability Report

INFINOX Goes Green in Trading

Most Consumers Want to Save Energy, But Don't Know How

$35 Million for Singapore's Green Finance Workforce