The United Arab Emirates announced on Tuesday a $4.5 billion investment provided by the state-owned Masdar, Abu Dhabi Fund for Development, and Etihad Credit Insurance as well as the Dubai-based AMEA Power to promote clean energy projects in African countries.
In a statement released during the Africa Climate Summit taking place in Nairobi, the COP28 President Dr. Sultan Al Jaber said that "the initiative will prioritize investments in countries across Africa with clear transition strategies, enhanced regulatory frameworks and a master plan for developing grid infrastructure that integrates supply and demand... And it will act as a scalable model that can be replicated to help put Africa on a superhighway to low carbon growth."
The document also highlights that this investment will positively impact the lives of citizens and the development of the industry in places like sub-Saharan Africa, which has 600 million people living without access to electricity.