The Global Climate Finance Center collaborates with the Africa Green Investment Initiative
ABU DHABI, 16 APRIL / WAM / The Global Climate Finance Centre, one of the initiatives launched at COP28 that focuses on stimulating investments and climate solutions, and its headquarters in the Abu Dhabi Global Market, announced today that it will host the secretariat of the “Green Investment Initiative in Africa”, an initiative Emirati financing worth $4.5 billion aims to unleash the potential of green energy in Africa.
Currently, investment in African renewables represents only 2% of the global total, falling short of the estimated value of $60 billion per year by 2030.
The Green Investment in Africa Initiative was launched at the Africa Climate Summit. Within the framework of the “Union 7” program launched by the UAE, the Green Investment in Africa Initiative will work to raise private, public and development capital from leading institutions supporting climate efforts in the UAE, including the Abu Dhabi Fund for Development, Masdar, EMEA Power, and Etihad Export Credit, in cooperation. With the “Africa 50 Fund” as a strategic partner.
The Global Climate Finance Center serves as a global convener that brings together key stakeholders from government, financial, philanthropic and private sector organizations to drive investments and address key barriers to investment flows towards climate solutions.
Building on the Green Industrialization in Africa Initiative launched by His Excellency William Ruto, President of the Republic of Kenya, at the COP28 Conference, the Global Climate Finance Center supports the efforts of African countries for green industrialization in order to provide rapid and comprehensive solutions to green growth, and stimulate green economic growth on the continent.
The Global Climate Finance Center actively supports green growth efforts by promoting financial innovation for climate solutions, providing market intelligence to reduce perceived risks and improve decision-making, and mobilizing additional capital to jumpstart projects and accelerate their development processes through technical assistance and capacity building.
The Global Climate Finance Center and the Africa Green Investment Initiative aim to address these challenges with support from additional partners to empower stakeholders across Africa and move the continent towards its sustainable future.
Cooperation between the Global Climate Finance Center and the Africa Green Investment Initiative includes accelerating the pace of projects. This partnership aims to enhance the development and approval of projects submitted by Africa Green Investment Initiative partners and other key stakeholders, in addition to “capacity building”, where joint efforts will focus on building… Capabilities of actors in the public and private sectors in Africa and the UAE.
The cooperation also includes “innovation and problem solving”, as the Global Center for Climate Finance and the Green Investment Initiative in Africa will cooperate to develop innovative climate financing solutions to address the systemic challenges that hinder the expansion of green projects in Africa, in addition to “collecting and analyzing market information” in cooperation with other institutions. The partnership will work to generate market information to guide effective action on the ground.
Mercedes Villa-Monserrat, CEO of the Global Climate Finance Centre, said: “The Global Climate Finance Center is taking important steps towards unleashing Africa’s green potential by hosting and serving as its secretariat for the Africa Green Investment Initiative. “By working with our founding members, we can benefit from a comprehensive and robust ecosystem that catalyzes financing to support innovative green projects, empower stakeholders, and promote a sustainable future for Africa.”
For his part, Mohammed Jameel Al Ramahi, CEO of Masdar, said: “Today’s announcement will contribute to attracting more capital and stimulating efforts to transition towards clean renewable energy across Africa, which supports accelerating the pace of social and economic development for millions of people across the continent. As the largest developer of renewable energy projects in Africa, Masdar has allocated an amount of US$2 billion to support the green investment initiative in Africa. We aim to raise and stimulate US$8 billion to finance projects through Masdar’s subsidiary, Infinity Power, which aims to provide… 10 GW of clean energy in Africa by 2030.”
Alain Ebobissé, CEO of the Africa 50 Fund, said: “As a strategic partner of the Africa Green Investment Initiative, the Africa 50 Fund leverages its expertise in project development and money management to increase investments and leverage capital in transformative green projects. We have a strong portfolio of Bankable infrastructure projects that can support the continent’s dual imperative of decarbonizing its manufacturing sectors, and accelerating its development efforts both socially and economically. We look forward to working closely with the Global Climate Finance Center and all partners, to drive innovative models and further unlock climate finance efforts “It is much needed today, which will help us accelerate the transformation of the continent’s energy sector.”
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