The United Arab Emirates (UAE) announced on Tuesday a $4.5 billion investment in clean energy projects in Africa during the African Climate Summit hosted by Kenya. The summit aims to attract funding for climate change mitigation efforts.
Sultan Al Jaber, who heads the UAE’s government-owned renewable energy company, Masdar, and the UAE national oil company, ADNOC, also chairs the upcoming 28th UN Climate Change Conference of the Parties (COP28) scheduled to be held in Dubai later this year. He stated, “We will allocate $4.5 billion to initiate a series of clean energy projects on this highly significant continent.”