UAE Commits Over $2.6 Billion to Africa Green Investment Initiative at COP28

Asma - | UAE

As the host of COP28, the UAE has demonstrated its commitment to environmental sustainability by earmarking over 58% of the previously announced $4.5 billion Africa Green Investment Initiative.

Clean power projects in Africa

This substantial contribution of roughly $2.6 billion is set aside for renewable energy projects in eight different African nations. These projects will support the UAE's commitment to climate action by adding around 1.8 GW of clean power to the African grid.

Collaborative Financing Initiative

Public, corporate, and development funds work together under the aegis of the United Arab Emirates-led Africa Green Investment Initiative. Africa50 is a strategic partner, and key contributors include the Abu Dhabi Fund for Development (ADFD), Masdar, Etihad Credit Insurance (ECI), and AMEA Power. Finding meaningful initiatives and forming relationships with local implementing bodies are the primary goals of the effort.

Highlighted Projects

Several noteworthy projects have been outlined in the official press statement:

1. Masdar's 150 MW solar power plant in Angola:

A substantial solar power initiative in southern Angola is aimed at bolstering the country's renewable energy capacity.

2. AMEA Power's Onshore Wind Project in Ethiopia:

a pioneering 300 MW onshore wind power project, representing Ethiopia's first independent power producer (IPP) venture.

3. Expansion of the Sheikh Mohamed Bin Zayed Solar PV Project in Togo:

scaling up the existing project from 70 MW to 100 MW, incorporating 4 MWh of battery storage for enhanced efficiency.

4. 1 GW Green Hydrogen Project in Mauritania:

A groundbreaking initiative focused on the production of green hydrogen, contributing to the country's sustainable energy goals.

5. Clean Energy Developments in Mozambique:

This includes a trio of projects totaling 260 MW of power, featuring Africa's inaugural utility-scale floating solar project. Additionally, Africa 50 will undertake the construction of 400km of high-voltage transmission lines, further enhancing the region's energy infrastructure.

The substantial financial commitment and diverse range of projects underscore the UAE's proactive role in advancing green energy initiatives in Africa, fostering collaboration between various sectors to address climate challenges.

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