The United Arab Emirates (UAE) on Tuesday pledged a staggering $4.5 billion in investments to boost clean energy projects in Africa.
Making the announcement during the inaugural Africa Climate Summit being held in the Kenyan capital Nairobi on Tuesday, COP28 President-designate Sultan Al Jaber said: 'The initiative will prioritize 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.'
Jaber, who is the UAE's Minister of Industry and Advanced Technology and Special Envoy for Climate, emphasized 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.
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 Nov. 30 until Dec. 12, 2023, at the Expo City, Dubai.
By Andrew Wasike in Nairobi