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The United Arab Emirates (UAE) committed to investing $4.5 billion in renewable energy in Africa, this was announced at the recently concluded African climate summit at Nairobi. Despite its wealth of natural resources, the continent receives only 3% of energy investments made around the world. UAE’s commitment of US$4.5 billion will be a real game changer in this sector.
This investment aims to develop 15 gigawatts (GW) of clean energy by 2030, while the continent’s renewable energy production capacity was 56 gigawatts in 2022, according to the International Renewable Energy Agency (Irena ). The Emirati investment will also make it possible to mobilize at least 12.5 billion additional dollars, coming from multilateral, public, and private sources.
A clean energy transition in developing countries is crucial in trying to maintain the Paris Agreement’s goal of limiting global warming to below two degrees Celsius since pre-industrial times, and 1.5°C if possible. To achieve this, Irena affirms that investments will have to reach 2,000 billion dollars per year within a decade, or eight times more than currently.
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https://trendsnafrica.com/us-exim-bank-lends-900-million-for-renewable-energy-projects-in-angola/
Africa receives only 3% of energy investments made throughout the world, despite its wealth in natural resources. For example, the Democratic Republic of Congo (DRC) and Zambia alone account for nearly 80% of the world’s cobalt reserves. A mineral essential for the manufacture of batteries and EVs.
In addition to mobilizing international investments for the development of renewable energies in Africa, the participants of the first African Climate Summit must define a common African vision of development and climate, with a view to the next international climate negotiations. These are expected to culminate with an announced battle over the end of fossil fuels at COP28 in Dubai, in around three months.
