Dr Sultan Al Jaber, COP28 president-designate announced a new $4.5 billion initiative between the UAE and Africa that seeks to unlock Africa’s capacity for sustainable prosperity in the inaugural Africa Climate Summit, on Tuesday.
The summit held in Nairobi, Kenya was attended by global and African leaders, including UN Secretary-General Antonio Guterres and Ursula von der Leyen, president of the European Commission among other dignitaries.
He added that Abu Dhabi Fund for Development, Etihad Credit Insurance, Masdar and AMEA Power will collaborate with Africa 50 as a strategic partner under the guidance of the UAE and African leadership to develop 15 GW of clean power by 2030.
Al Jaber said, “We will deploy $4.5 billion that will catalyze at least an additional $12.5 billion from multilateral, public and private sources.” He said the objective of this novel partnership is to initiate a pipeline of bankable clean energy projects and as a part of the COP28 Presidency’s Action Agenda, he highlighted his plan to fix climate finance.
The COP28 President-Designate accentuated the need for mitigation and adaptation finance as critical success factors for climate progress in Africa and globally. He concluded his remarks at the summit by saying that climate change is a “global fight and demands a global solution”.
COP28 UAE, an event that aims to unite the world on climate change is expected to occur at Expo City Dubai between November 30 and December 12. The conference looks to welcome over 70,000 participants, including heads of state, government officials, international industry leaders, private sector representatives, academics and experts.
