AFRICA – The German government has committed to investing €4 billion (US$4.36 billion) in green energy across Africa by 2030.
This announcement was made by German Chancellor Olaf Scholz during a press conference in Berlin, following discussions with African leaders and heads of international organizations, including Dr. Akinwumi Adesina, President of the African Development Bank Group, at the G20 Compact with Africa conference.
The Compact with Africa, initiated by Germany in 2017 during its G20 presidency, aims to enhance conditions for sustainable private sector investment and infrastructural development in Africa.
Presently, 13 African countries have joined this initiative, striving to create conducive environments for investments and growth: Benin, Burkina Faso, Côte d’Ivoire, the Democratic Republic of Congo, Egypt, Ethiopia, Ghana, Guinea, Morocco, Rwanda, Senegal, Togo, and Tunisia.
Chancellor Scholz emphasized the commencement of robust cooperation between Africa and Europe, emphasizing the achievement of a climate-friendly energy supply based on green hydrogen.
He assured African leaders, stating, “Produce green hydrogen, and you can rely on us as buyers.” Describing Africa as a primary partner, he advocated for the utilization of natural resources within the continent, stressing local processing to generate employment and prosperity.
During the conference, Dr. Akinwumi Adesina advocated for stronger partnerships and increased investments in Africa, the fastest-growing continent globally.
Highlighting the significance of private sector development, he underscored the imperative to attract substantial private sector financing to address climate change, Africa’s infrastructure gap, and industrial capacity development.
Adesina proposed several actions for multilateral institutions to take, emphasizing the need for bankable projects aligned with zero-net emissions, green investments, risk mitigation, and resource pooling.
He expressed the African Development Bank’s dedication to supporting this initiative, especially in promoting private sector development across Africa.
The G20 Compact with Africa conference deliberated on diverse global economic issues, discussing high inflation, geopolitical tensions, climate change mitigation, trade strengthening, employment, and multilateralism.
Chancellor Scholz reiterated Germany’s commitment to enhancing global trade, economic resilience, financial architecture reform, and multilateral cooperation, emphasizing the pivotal role of international organizations in resolving global challenges.
In a sideline session, Adesina engaged with 40 young African entrepreneurs, vowing to establish an executive advisory body dedicated to nurturing their development within the continent’s entrepreneurial landscape.
This commitment aims to revamp the financial ecosystem to better serve the needs of young entrepreneurs.
Adesina held discussions with various global leaders on the sidelines of the conference, including the President of the Union of the Comoros and Chair of the African Union, Azali Assoumani, Senegal’s Macky Sall, France President Emmanuel Macron, among others.
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