COP28 president-designate calls for upscaling investments in Africa’s green energy

By Xinhua
On 21 June 2023 at 07:04

Sultan Ahmed Al Jaber, president-designate of the 28th session of the Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change, on Tuesday called for scaling up investments to help African countries transition to green energy sources.

Speaking at the 25th edition of the Africa energy forum underway in the Kenyan capital of Nairobi, Al Jaber said the continent was ripe for a green energy revolution, subject to targeted financing combined with conducive policies.

"Clean energy investments in Africa should be intensified now that the continent is facing a climate crisis that is responsible for droughts, floods and destabilization of livelihoods," said Al Jaber, who is also the minister for Industry and Advanced Technology in the United Arab Emirates.

As host of this year’s global climate talks, slated for Nov. 30 to Dec.12, Al Jaber said the UAE will lobby rich nations and multilateral lenders to honor their commitment to climate financing in Africa.

He acknowledged Africa’s vast renewable energy potential including solar, wind and geothermal, which can be harnessed to secure a climate-resilient and inclusive future for the continent.

In addition, Al Jaber said that smart policies and regulations, innovative financing and uptake of clean technologies will be key to decarbonizing the continent’s energy, agriculture and manufacturing sectors.

Africa’s entrepreneurial youth deserve financial support, training and market linkages to enable them to scale up green innovations that are key to poverty alleviation and enhancing the ecosystem’s health, Al Jaber said.

Kenya is hosting the 25th edition of the Africa energy forum attended by more than 3,000 delegates including ministers, investors, regulators, lenders and innovators to explore a new roadmap for realizing energy security in the continent.

Al Jaber said the premier gathering of energy sector players in the continent provides a platform to showcase the untapped potential of green energy to institutional investors. He said that focused leadership, partnerships, policy and legislative reforms will be key to unlocking financing toward green energy projects in Africa and help meet the Paris climate goal of limiting temperature increase to 1.5 degrees Celsius.

Al Jaber added that investing in Africa’s nascent carbon market will be key to transitioning the continent’s economies towards a greener, equitable and resilient future.