UAE ANNOUNCES $4.5BN TO ADVANCE CLEAN ENERGY INITIATIVES IN AFRICA

COP28 President Sultan Al Jaber delivers his remarks during the Africa Climate Summit 2023 at the Kenyatta International Convention Centre (KICC) in Nairobi on September 5, 2023.

Tue 05 September 2023:

The United Arab Emirates (UAE), on Tuesday, pledged a staggering $4.5 billion in investments to boost clean energy projects in Africa, Anadolu Agency reports.

Making the announcement during the inaugural Africa Climate Summit being held in the Kenyan capital, Nairobi, on Tuesday, COP28 President-designate, Sultan Al Jaber, said: “The initiative will prioritise investments in countries across Africa with clear transition strategies, enhanced regulatory frameworks and a master plan for developing grid infrastructure that integrates supply and demand.”

Jaber, who is the UAE’s Minister of Industry and Advanced Technology and Special Envoy for Climate, emphasized that the substantial investment would play a pivotal role in advancing clean energy infrastructure and projects across Africa, driving innovation and promoting sustainable development.

He stressed the importance of international cooperation to mitigate climate change’s adverse effects and ensure a greener future for all.

Jaber, the driving force behind the ambitious initiative, also underscored the importance of building upon UAE’s proven track record of pioneering commercially-driven and innovative finance solutions.

He directed a clear message to African leaders, urging them to enhance policy and regulatory frameworks that would attract the essential long-term investments required to accelerate the deployment of clean and renewable energy solutions across the continent.

The 2023 UN Climate Change Conference or the UN Framework Convention on Climate Change Conference (UNFCCC), commonly known as COP28, will be the 28th conference to be held from 30 November until 12 December, 2023, at the Expo City, Dubai.