Africa Climate Summit: UAE pledges $4 billion for clean energy in the continent
UAE
The United Arab Emirates (UAE) on Tuesday (September 5) pledged USD 4.5 billion to invest in clean energy in Africa at a landmark climate summit aimed at project the continent's potential as a green powerhouse. The African Climate Summit is taking place in Nairobi, Kenya.
Kenyan President William Ruto has sought to use the summit to shift the narrative on the region and is presenting transition to clean energy as a routine opportunity for Africa if it attracts enough financing to realise the potential.
The most significant pledge so far in the conference came on Tuesday with UAE announcing USD 4.5 billion. The country is slated to host COP28 Summit in Dubai in November-December.
Sultan Al Jaber, head of UAE's national oil company ADNOC and state-owned renewable energy company Masdar, said that the investment would "jumpstart a pipeline of bankable clean energy projects in this very important continent".
Jaber is also president of the COP28 climate summit. He said that a consortium including Masdar will help develop 15 gigawatts of clean power by 2030.
In 2022, Africa's renewable generation capacity was 56 GW in 2022 as per data with the International Renewable Energy Agency.
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The three-day summit in Nairobi began on Monday. It has attracted heads of state, government and industry. Leaders from Mozambique and Tanzania have come as well. United Nations Secretary General Antonio Guterres, European Commission chief Ursula von der Leyen and US climate envoy John Kerry are in attendance as well.
The summit is being viewed as an event that is setting the tone for international diplomatic flurry before COP28 meeting.
A front-page healdine in Kenyan media said that the summit marked "Africa's moment".
However, the continent is facing huge challenges especially the mounting debt costs and dearth of finance. Though Africa has abundant natural resources, it attracts just three per cent of worldwide energy investments.
UN chief Antonio Guterres urged the world to help "make Africa a renewable energy superpower".
"Renewable energy could be the African miracle but we must make it happen," Guterres told government and industry leaders.
Guterres focused his words at G20 nations as well. The leaders from these countries are meeting in India for G20 Summit. Guterres told them to "assume your responsibilities" in the battle to reduce planet-warming emissions.
A clean energy transition across the world's developing nations will be crucial in order to keep alive the Paris Agreement goal of capping global warming "well below" two degrees Celsius since pre-industrial times, and 1.5C if possible.
(With inputs from agencies)
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