UAE Pledges $4.5 Billion To Fund Renewable Energy Projects Across Africa

December 3, 2023
Renewable Energy Use

Sultan Ahmed Al-Jaber, UAE’s special envoy on climate change, revealed the UAE’s commitment to a $4.5 billion fund aimed at advancing renewable energy initiatives across Africa.

Al-Jaber emphasized during an interview with CNBC Africa at the COP28 summit, “The Africa fund, totaling $4.5 billion with representation from five UAE entities, aims to replicate Mazdar’s success over 17 years. We’re providing $3 billion in equity and $1.5 billion in catalytic funding to catalyze these investments.”

Join our WhatsApp Channel

Anticipating exponential growth, he hinted at the fund’s expansion to $25 billion within the next three years, highlighting the vast potential for renewable energy ventures across Africa.

READ ALSO: Egypt, UAE Sign $1.4 Billion Currency Swap To Tackle Economic Crisis

The primary objective of this fund is to address Africa’s surging energy demands, bolster economic progress, foster employment opportunities, attract industries, and facilitate the exchange of knowledge and technology.

Al-Jaber underscored the fund’s focus on supporting the entire renewable energy business chain, from manufacturing to supply chain resilience, emphasizing Africa’s role in formulating proactive strategies to tackle global warming and sustain the 1.5-degree Celsius target.

The COP28 summit, underway in Dubai, has attracted an attendance of over 100,000 participants, including prominent world leaders.

This unparalleled gathering signifies a concerted global effort to combat climate change and steer towards a more sustainable future.

emmmmmm
+ posts

Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.

Emmanuel Ochayi

Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.

IMG
Previous Story

COP28: How Nigeria Will Inspire The World With Electric Buses – Tinubu

IMG
Next Story

Tinubu Made Very Difficult Decisions In Nigeria – Kenyan President

Featured Stories

Latest from Africa

Image of the Building of CBE

Egypt Rolls Out App To Digitize Banking, Government Transactions

Egypt’s Central Bank (CBE) has launched the website for Haweya, the country’s first national digital identity platform, which enables citizens to verify and utilize their digital identity for banking and government transactions. The launch is part of Egypt’s plan to transition to

Air Peace Connects Africa, Caribbean with New Monthly Charter Flights

Nigeria’s leading airline, Air Peace, has announced the launch of a new charter service connecting West Africa to the Caribbean, marking a historic milestone in intercontinental air connectivity between both regions. The airline said the new route Lagos–Accra–Antigua & Barbados with onward
IMG
Previous Story

COP28: How Nigeria Will Inspire The World With Electric Buses – Tinubu

IMG
Next Story

Tinubu Made Very Difficult Decisions In Nigeria – Kenyan President

Don't Miss

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 22nd July 2025

What is the dollar-to-naira exchange rate on the black market,
CBN Releases Another Around Of $10,000 FX To Each BDC, Mandates Them To Sell At N1,117/$1

CBN’s RT200 FX Programme Increases Repatriation Of Non-oil Export Proceeds

The Governor of the Central Bank of Nigeria (CBN), Godwin