In a groundbreaking announcement during the second day of the Africa Climate Summit 2023 in Nairobi, COP28 President-Designate, H.E. Dr. Sultan Al Jaber, revealed a monumental US$4.5 billion UAE finance initiative aimed at harnessing Africa’s untapped clean energy potential.
The initiative, a collaborative effort between the Abu Dhabi Fund for Development (ADFD), Etihad Credit Insurance (ECI), Masdar, AMEA Power, and strategic partner Africa50, seeks to usher in a new era of sustainable energy on the continent.
“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,” said Al Jaber.
With this announcement, H.E. Dr. Sultan Al Jaber implored African leaders to establish clear, long-term transition and investment strategies, supported by robust policy and regulatory frameworks, to unlock commercial finance for clean energy projects across the continent.
This initiative dovetails seamlessly with the COP28 Presidency’s ambitious call for a global tripling of renewable energy by 2030, coupled with a commitment to making financing more accessible, available, and affordable.
Under the umbrella of the Etihad 7 development platform, championed by the UAE Ministry of Foreign Affairs and introduced during the Abu Dhabi Sustainability Week in 2022, this initiative aims to provide clean electricity to an impressive 100 million people in Africa by 2035.
The finance initiative promises to be a game-changer, ushering in a new era of sustainable energy development in Africa and bringing us one step closer to achieving critical climate goals.
This landmark announcement at the African Climate Summit is set to reshape the trajectory of clean energy investments across the African continent and holds the promise of a brighter, greener future for all.
