Ksh600 billion (USD4.5 billion), which will be invested in various climate change-related projects across the African continent, will benefit Kenya.
COP28 President-designate Sultan Al Jaber said on Tuesday, September 5, at the African Climate Summit at the Kenyatta International Convention Centre (KICC) in Nairobi that money will finance clean energy in Africa.
Al Jaber did issue a warning, stating that only nations with detailed, long-term transition plans and investment plans have a chance of receiving the funding.
The COP28 communique stated, in part, that “today a UAE finance initiative will provide US$4.5 billion to help unlock Africa’s clean energy potential.”
Al Jaber said that in order to address the long-term effects of environmental pollution, the investment plans should be accompanied by policies and regulatory frameworks that will concentrate on priority areas like renewable energy.
The new initiative, according to Al Jaber, “aligns with the COP28 Presidency call for global renewable energy to triple by 2030 and push to make finance more available, accessible, and affordable.”
The United Nations Framework Convention
The United Nations Framework Convention on Climate Change (UNFCCC) working plan, which was adopted in the 2015 Paris Agreement, was described by the COP28 President-designate.
The world is reportedly “off-track” from achieving its goals as stated in 2015, according to the stocktake. As Al Jaber said.
Al Jaber also urged African heads of state, including President William Ruto, to update their basic energy infrastructure and make development procedures clearer in order to reduce the bureaucracy that has been preventing the continent from opening its markets.
“This initiative builds on the UAE’s track record of innovative blended finance solutions that are commercially driven and can be used to encourage the use of clean energy in emerging and developing countries.
The goal of this multi-stakeholder partnership approach, according to Al Jaber, is to promote low carbon growth while addressing the challenge of climate change and advancing sustainable economic progress.
Due to a lack of sustainable energy, he noted that Sub-Saharan Africa was lagging behind in terms of development and that at least 600 million people still do not have access to electricity.
In order to provide dependable access to clean energy that will spur social and economic development, the COP28 President-Designate stated that the UAE Finance Initiative will collaborate with African nations.
The continent will need $60 billion annually by 2030, but only 2% of global investment in renewable energy is currently going into Africa.
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