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Energy Diplomacy

UAE invests $4.5 billion in clean energy in Africa

The United Arab Emirates announces a $4.5 billion investment in clean energy in Africa at the African Climate Summit. This initiative aims to develop 15 GW of clean energy by 2030 and mobilize an additional $12.5 billion.

Agence France-Presse (AFP)
Le 5 September 2023

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The United Arab Emirates is committed to investing massively in clean energy in Africa.

Major initiative: UAE invests $4.5 billion in African clean energies

The United Arab Emirates has announced a $4.5 billion (€4.1 billion) investment in clean energy in Africa. This commitment was made at a climate summit aimed at attracting financing to combat global warming on the African continent.

Sultan Al Jaber, head of Masdar, the Emirati oil giant ADNOC, and negotiations chairman for the upcoming COP28 in Dubai, said, “We will deploy $4.5 billion to launch a pipeline of profitable clean energy projects on this very important continent.”

He also stressed that if Africa lost, it would have a global impact.

United Arab Emirates targets 15 GW of clean energy in Africa by 2030

The aim of this investment is to develop 15 GW of clean energy by 2030, and to mobilize at least a further $12.5 billion from multilateral, public and private sources. By 2022, Africa’s renewable energy capacity will have reached 56 gigawatts.

The announcement comes at the first African Climate Summit in Nairobi. It aims to promote Africa’s clean energy potential. African leaders are calling for major international investment to support their energy transition.

The Nairobi summit also aims to establish a common continental vision on climate in preparation for the forthcoming international climate negotiations. This includes COP28 in Dubai from late November to early December 2023.

Why it matters

The United Arab Emirates’ massive investment in clean energy in Africa is crucial. To combat global warming and support the continent’s development. This initiative could act as a catalyst for further international funding. This will contribute to Africa’s energy transition, while strengthening global cooperation on climate issues.

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