The United Arab Emirates (UAE) has made a significant commitment at the African Climate Summit in Nairobi, Kenya, by pledging $4.5 billion for investments in clean energy projects across Africa. This substantial investment aims to highlight the continent’s potential as a green energy powerhouse.
Kenyan President William Ruto has used the summit as an opportunity to reframe the narrative around Africa, emphasizing the transition to clean energy as a viable and routine path for the continent, provided it secures sufficient financing to realize this potential.
The most substantial commitment during the conference came from the UAE, which announced a $4.5 billion investment. Notably, the UAE is set to host the COP28 Summit in Dubai later in the year.
Sultan Al Jaber, the head of UAE’s national oil company ADNOC and state-owned renewable energy firm Masdar, stated that this investment would serve as a catalyst for a pipeline of feasible clean energy projects across the continent. Jaber, who also serves as the president of the COP28 climate summit, disclosed that a consortium, including Masdar, will be involved in developing 15 gigawatts of clean energy capacity by 2030.
In 2022, Africa had a renewable energy generation capacity of 56 GW, according to data from the International Renewable Energy Agency.
The three-day summit, which commenced on Monday, has attracted leaders from African nations, governments, and industries. Heads of state from countries such as Mozambique and Tanzania have participated, alongside prominent figures like United Nations Secretary-General Antonio Guterres, European Commission chief Ursula von der Leyen, and U.S. climate envoy John Kerry.
The summit is viewed as a prelude to the international diplomatic activity leading up to COP28.
The Kenyan media featured a front-page headline stating that the summit marked “Africa’s moment.” However, the continent faces significant challenges, including rising debt burdens and a shortage of financing. Despite Africa’s abundant natural resources, it currently receives only three percent of global energy investments.
UN Secretary-General Antonio Guterres urged the world to help Africa become a “renewable energy superpower” and emphasized the potential for renewable energy to be a game-changer for the continent.
Guterres directed his message to the G20 nations, who are meeting in India for a summit, urging them to fulfill their responsibilities in the fight against planet-warming emissions.
A global transition to clean energy in developing nations is pivotal to achieving the goals of the Paris Agreement, which aims to limit global warming to “well below” two degrees Celsius above pre-industrial levels, with an aspiration to limit it to 1.5 degrees Celsius if feasible.
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