2023-09-05 08:06:45
The United Arab Emirates announced on Tuesday 4.5 billion dollars (4.1 billion euros) of investments in clean energy in Africa, during a climate summit aimed in particular at attracting financing to the continent for fight once morest global warming.
“We are going to deploy $4.5 billion…to launch a pipeline of profitable clean energy projects on this very important continent,” Sultan Al Jaber, who heads the state-owned energy company, said in a speech. Masdar, the Emirati oil giant ADNOC and which will also chair the negotiations for the next COP28 in Dubai at the end of the year.
“If Africa loses, we all lose,” warned Sultan Al Jaber, who is also the UAE’s minister of industry and technology.
This investment aims to “develop 15 GW (gigawatts) of clean energy by 2030” and to “catalyze at least 12.5 billion dollars (11.6 billion euros, editor’s note) from multilateral sources, public and private”.
In 2022, the continent’s renewable energy generation capacity was 56 gigawatts, according to the International Renewable Energy Agency.
The announcement was made during the first African Climate Summit being held in the Kenyan capital Nairobi aimed at promoting Africa’s potential for clean energy.
At the opening of this historic summit, the Kenyan president felt that Africa has an “unparalleled opportunity” to develop by participating in the fight once morest global warming, but that it needed massive international investment.
The Nairobi summit also aims to establish a common continental climate vision for the upcoming international climate negotiations, which will culminate in an announced battle over the end of fossil fuels at COP28 in Dubai from late November to early December.
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