The United Arab Emirates, host of this year's United Nations Climate Change Conference, has committed $4.5 billion to support clean energy initiatives in African countries. Sultan Al Jaber, the COP28 presidency announced that funding will come from various sources, including Abu Dhabi's Masdar, the Abu Dhabi Fund for Development, Etihad Export Credit, and Dubai-based renewable energy firm AMEA Power.
The Abu Dhabi Fund for Development will provide $1 billion in financial aid, while Etihad Export Credit Company will contribute $500 million to mitigate risks and attract private investment.
Masdar is set to pledge $2 billion and raise an additional $8 billion for projects targeting 10 gigawatts of clean energy in Africa by 2030.
AMEA Power will finance 5 gigawatts of renewable energy projects in Africa by 2030, mobilizing $5 billion, including $1 billion in equity investments and $4 billion in project financing.