COP28 President-designate Sultan Al Jaber pledges over Sh600B to fund clean energy in Africa

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.