Platform will prioritise investments in countries with clear transition plans, effective regulatory frameworks and plans for developing grids, says Dr Al Jaber
The UAE has pledged $4.5 billion to help speed up the development of clean energy projects in Africa, the Cop28 Presidency has said.
Abu Dhabi’s clean-energy company Masdar, the Abu Dhabi Fund for Development, Etihad Credit Insurance, and Dubai-based renewable energy company AMEA Power will provide the funds.
Africa50, an investment platform established by African governments and the Africa Development Bank, has also joined the initiative, the Cop28 Presidency said at the Africa Climate Summit on Tuesday.
The platform, which was founded to help solve the continent’s infrastructure problems, will help to identify initial projects and connect with organisations responsible for putting those into effect, the statement said.
“This initiative builds on the UAE’s track record of commercially driven, innovative blended finance that to promote clean energy in emerging and developing nations,” said Dr Sultan Al Jaber, Cop28 President-designate.
It will “prioritise 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”.
To reduce barriers to investment, countries must restore the financial sustainability of local utilities while modernising basic energy infrastructure, Dr Al Jaber said.
They should also clarify development processes, eliminate the red tape delaying market lead-time and eliminate restrictions to capital flows.
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