The United Arab Emirates (UAE), as the host of this year’s United Nations climate summit, has pledged a substantial $4.5 billion to assist African nations in advancing clean energy initiatives. This financial commitment is a collaboration involving key UAE entities, including Masdar (a clean-energy producer), the Abu Dhabi Fund for Development, Etihad Credit Insurance, and AMEA Power (a Dubai-based renewable-energy company). The goal is to accelerate clean-energy projects across Africa, addressing the urgent need for climate adaptation and mitigation efforts on the continent.
The African continent, despite being responsible for only about 4 percent of global greenhouse gas emissions, faces significant challenges due to climate change impacts. To combat this, the UAE’s initiative aims to provide crucial funding to Africa, potentially requiring up to $100 billion annually for climate adaptation efforts, as indicated by the Global Center on Adaptation. The investment will prioritize countries in Africa with clear transition strategies, improved regulatory frameworks, and comprehensive plans for developing grid infrastructure. The African Development Bank’s Africa50 investment platform will collaborate as a strategic partner to identify and support initial clean energy projects. This pledge underscores the UAE’s commitment to addressing climate change and supporting sustainable development in Africa, setting a positive example for global climate action.
