Kenya is set to benefit from Ksh600 billion (USD4.5 billion) which will go into various climate change-related investments in the African continent.
Speaking on Tuesday September 5, at the African Climate Summit at the Kenyatta International Convention Centre (KICC) in Nairobi, COP28 President-designate Sultan Al Jaber noted that money will fund clean energy in Africa.
However, Al Jaber cautioned that only countries with clear and long-term transition plans as well as investment plans stand a chance to benefit from the funding.
“Today a UAE finance initiative will provide US$4.5 billion to help unlock Africa's clean energy potential,” the COP28 communique read in part.
Al Jaber stated that the investment plans should be accompanied by policies and regulatory frameworks that will focus on priority areas such as renewable energy in order to address the long-term effects of environmental pollution.
“The new initiative aligns with the COP28 Presidency call for global tripling of renewable energy by 2030 and push to make finance more available, accessible and affordable," Al Jaber stated.
The COP28 President-designate outlined the United Nations Framework Convention on Climate Change (UNFCCC) working plan which was passed in the 2015 Paris Agreement.
“It is widely anticipated that the Stocktake will find that the world is off-track from meeting its objectives as outlined In 2015.” Al Jaber stated.
Al Jaber also asked African Heads of State including President William Ruto to modernise their basic energy infrastructure, clarify development processes so as to cut out red tape that has been delaying market access in the continent.
“This initiative builds on the UAE’s track record of commercially driven, innovative blended finance solutions that can be deployed to promote the adoption of clean energy in emerging and developing nations.
"This multi-stakeholder partnership approach is designed to accelerate sustainable economic progress, address the challenge of climate change, and stimulate low carbon growth," Al Jaber stated.
He pointed out that Sub-Saharan Africa was lagging behind in development due to lack of sustainable energy, noting that at least 600 million people still live without access to electricity.
The COP28 President-Designate stated that the UAE Finance Initiative will work with African countries to deliver reliable access to clean energy that will drive social and economic development.
“Currently, investment in African renewables represents only 2 per cent of the global total and less than a quarter of the US$60 billion a year the continent needs by 2030.”
