Ursula Von Der Leyen, president of the European Commission (EC), says €150 billion will be invested in Africa’s climate action.
Von Der Leyen made the commitment on Tuesday at the Africa Climate Summit (ACS) in Nairobi, Kenya.
She said climate action is one of the biggest drivers of development in Africa, adding that Europe is committed to closing the investment gap.
Von Der Leyen said an initiative called ‘Global Gateway’ will support investments in hydropower plants, climate adaptation and resilience, as well as develop a green economy in Africa.
“I’m here to bring Europe’s offer to be your ally at COP28 and to bring together issues on the agenda because however different our two continents may be, we share the same interests when it comes to climate action,” she said.
“Action is part of the solution. You’re part of the solution with your huge potential for renewable energy and clean hydrogen, your critical raw materials, your incredible nature and biodiversity and your workforce.
“You can help clean up global energy systems and supply chains while creating good jobs here, and economic opportunities.
“Climate action can be one of the main drivers of Africa’s growth. Europe wants to be your partner in closing this investment gap. First of all, we fully support the need for multi-development multilateral development bank reform. It is time to move from words to action.
“Secondly, investment has to come and this is why 150 billion euros in our investment plan are designated for Africa. We call it Global Gateway. They are aimed at the African continent.”
Ursula Von Der Leyen and Kenyan President William Ruto shake hands
Von Der Leyen said Global Gateway supports investments ranging from hydropower plants in the DRC, Burundi, Rwanda and Tanzania.
“We are not only interested in extracting resources, we want to partner with you to create local value chains to create good jobs here in Africa. We want to share European talent and technology with you and invest in skills for local workers,” she said.
“The stronger you are as suppliers, the more Europe will diversify supply chains towards Africa and the more we both will de-risk our economies.
“Namibia, for instance, is now building a new hydrogen industry as well as rare materials, and value chains in partnership with Europe.
“Later we will come through with the new hydrogen partnership between Kenya and the European Union with the objective to further develop the green hydrogen economy.”
The European Commission president said the conversation on climate financing must be a major talking point at the upcoming COP28 in Dubai, United Arab Emirates (UAE).