COP28 President-designate Sultan Al Jaber has pledged USD4.5 billion to fund clean energy in Africa. This translates to over Sh600 billion.
Al Jaber announced this during his address at the inaugural Africa Climate Summit at the Kenyatta International Convention Centre (KICC) in Nairobi, Kenya.
In his statement, the COP28 President called on African leaders to set clear and long-term transition as well as investment plans, accompanied by policies and regulatory frameworks for a successful implementation of the clean energy projects.
"The COP28 President-Designate, Dr Sultan Al Jaber, announced today a UAE finance initiative that will provide US$4.5 billion to help unlock Africa's clean energy potential," the COP28 communique read in part.
"The new initiative aligns with the COP28 Presidency call for global tripling of renewable energy by 2030 and push to make finance more available, accessible and affordable."
This announcement comes days after the United Nations Framework Convention on Climate Change (UNFCCC) released the technical data around the first Global Stocktake of climate progress since the 2015 Paris Agreement.
"It is widely anticipated that the Stocktake will find that the world is off-track from meeting its objectives as outlined In 2015." he says.
The president urged African leaders to restore the financial sustainability of local utilities by majorly modernizing basic energy infrastructures, clarifying development processes and eliminating the red tape delaying market lead-time, eliminating restrictions to capital flows, and accessing adequate and affordable risk mitigation measures.
"This initiative builds on the UAE's track record of commercially driven, innovative blended finance solutions that can be deployed to promote the adoption of clean energy in emerging and developing nations. This multi-stakeholder partnership approach is designed to accelerate sustainable economic progress, address the challenge of climate change, and stimulate low carbon growth."
He also averred that in sub-Saharan Africa alone, at least 600 million people live without access to electricity therefore, delivering greater access to clean energy will drive social and economic development.
"Currently, investment in African renewables represents only 2 percent of the global total and less than a quarter of the US$60 billion a year the continent needs by 2030."
He further said that fast-tracking the energy transition, fixing climate finance, focusing on people, lives, and livelihoods, and underscoring these efforts with full inclusivity are the key pillars of the COP28 Presidency's Action Agenda.
