His Excellency Dr. Sultan Ahmad Al-Jaber, Minister of Industry and Advanced Technology, who has been appointed as the President of the Conference of the Parties (COP28), stressed the need to provide more climate finance, and access to it on easy terms and reasonable cost, to enable African countries to improve their investments and their capacities in the clean energy sector. Make the most of it.
This was during his speech at the African Energy Forum in Nairobi in the presence of the President of the Republic of Kenya, His Excellency William Ruto, and a number of ministers and energy leaders from other African countries.
In a joint statement issued by His Excellency President Roto with His Excellency Dr. Sultan Al Jaber, he commended the UAE, its leadership and the COP28 Presidency for their unwavering support for sustainable development and climate action; Both sides affirmed their joint support for measures aimed at tripling renewable energy production capacity by 2030, and they will cooperate on policies and expand financing.
A joint working group has been launched between the Africa Climate Summit and the COP28 Conference Bureau to focus on achieving a rational, practical, gradual and fair transition in the energy sector, and improving climate finance to accelerate green growth in Africa.
At the beginning of his speech before the forum, His Excellency the President of Kenya extended greetings to the participants and the audience, His Highness Sheikh Mohammed bin Zayed Al Nahyan, Head of State, may God protect him. He said: In line with the vision and guidelines of the leadership in the UAE, the COP28 Presidency is keen to promote effective international cooperation and constructive partnerships, particularly in Africa and around the world to support progress in both sustainable development and climate action. South.
Africa’s abundance of clean energy resources, including wind and solar power, hydropower, geothermal energy and precious metals, “qualifies it as a hub for renewable energies and a key driver of clean economic growth,” he explained. world, but there is a great obstacle in it.”
Only 2% of global clean energy investments have reached Africa, far below the minimum requirement of 10% of the $120 billion needed to be invested annually. He said: Be open about problems and have the will and determination to solve them.
He called on developed countries to uphold their historic commitments and commitment to providing $100 billion annually in climate finance to developing countries and emphasized the need to improve the performance of international financial institutions and multilateral development banks.
He said the current international financial framework is not fit for purpose and there is an urgent need to improve their effectiveness as international financial institutions and multilateral development banks are not quick to provide concessional funds. The challenge now is that we need to explore new ways to mitigate risks and encourage large-scale private sector investment to develop sustainable clean energy projects worthy of bank financing.
He pointed out that standardization of voluntary carbon markets would help Africa attract capital, stressing the importance of creating supportive laws and systems to create a conducive investment environment for the private sector in different parts of the world.
He praised Kenya’s success in providing 80% of its electricity through renewable energy. He said: “This is not a coincidence, but rather a result of a combination of forward-looking government policies and smart investments with pragmatic people.
He noted the regional pioneering role that Kenya can play in tripling the production capacity of renewable energy in the world by 2030; His Excellency said: Africa has great potential and capabilities to become a giant in the clean energy sector, and the development of these capabilities requires political will, forward-looking ambition and a lot of capital, and this path began with projects. The African Development Bank is leading innovative and collaborative financing solutions between the public and private sectors to promote clean growth through the Africa50 Investment Fund, based on the results of scientific research for logical, practical and gradual transformation in the energy sector.
He explained that the UAE has partnered with the government and private sectors to invest more than $12 billion in development and renewable energy projects across Africa. Honorable Dr. During his meeting with His Highness President Ruto, Sultan Al Jaber, His Highness discussed “adaptation” and “mitigation” initiatives, the transition to green energy and the COP28 Action Plan, which aims to build bridges of communication and enhance cooperation. Between the north and south of the world.
He also met with Kenya’s Minister of Energy and Petroleum His Excellency Davies Churchill to discuss accelerating partnerships in the renewable energy sector ahead of the African Climate Summit and COP28 in Nairobi next September. UAE later this year.
Honorable Dr. Sultan Al Jaber participated in a ministerial roundtable on energy sector transformation attended by ministers from more than 15 countries and participated in an open discussion with representatives of youth, indigenous peoples and civil society.
During his visit, he also met several young social entrepreneurs from M-Cuba. their starting point.
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