The United Arab Emirates (UAE) has pledged a staggering $4.5 billion in investments to boost clean energy projects in Africa.
“The initiative will prioritise investments in countries across Africa with clear transition strategies, enhanced regulatory frameworks and a master plan for developing grid infrastructure that integrates supply and demand,” COP28 President-designate Sultan Al Jaber said.
He spoke on Tuesday during the inaugural Africa Climate Summit being held in the Kenyan capital Nairobi.
Jaber, who is the UAE's Minister of Industry and Advanced Technology and Special Envoy for Climate, emphasised that the substantial investment would play a pivotal role in advancing clean energy infrastructure and projects across Africa, driving innovation, and promoting sustainable development.
He stressed the importance of international cooperation to mitigate climate change's adverse effects and ensure a greener future for all.
Policy and regulation
Jaber, the driving force behind the ambitious initiative, also underscored the importance of building upon UAE's proven track record of pioneering commercially-driven, and innovative finance solutions.
He directed a clear message to African leaders, urging them to enhance policy and regulatory frameworks that would attract the essential long-term investments required to accelerate the deployment of clean and renewable energy solutions across the continent.
The 2023 UN Climate Change Conference or the UN Framework Convention on Climate Change Conference (UNFCCC), commonly known as COP28, will be the 28th conference to be held from November 30 until December 12, 2023 at the Expo City, Dubai.
