UAE allocates $4.5bln for clean energy projects in Africa
The United Arab Emiratis (UAE) will provide $4.5 billion to accelerate the development of clean energy projects in Africa, according to UN climate summit Cop28 president-designate Sultan al-Jaber on Tuesday.
The finance aims to “catalyse at least an additional $12.5bn from multilateral, public and private sources,” al-Jaber made these announcements during the Africa Climate Summit in Nairobi, Kenya.
Abu Dhabi’s state-owned renewables firm Masdar, Abu Dhabi Fund for Development, Etihad Credit Insurance, and AMEA Power will provide the funds, al-Jaber said.
Meanwhile, investors from the UAE committed to buying $450 million of carbon credits from the Africa Carbon Markets Initiative (ACMI), which was launched at Egypt’s COP27 summit last year.
It is worth mentioning that Africa has received about 12 percent of the money it needs to cope with climate impacts, according to a report last year by the non-profit Climate Policy Initiative.
