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.”
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.
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.