UAE Pledges $4.5 Billion to Help Finance Africa Climate Projects

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The United Arab Emirates, the host of this year’s United Nations climate summit, pledged $4.5 billion to help African nations accelerate clean-energy projects.

Abu Dhabi’s clean-energy producer Masdar, Abu Dhabi Fund for Development, Etihad Credit Insurance, the nation’s export credit agency, and AMEA Power, a Dubai-based renewable-energy company, will provide the funds, the COP28 Presidency said in a statement.

“The initiative will prioritize investments in countries across Africa with clear transition strategies, enhanced regulatory frameworks and a master plan for developing grid infrastructure,” COP28 President-Designate Sultan Al Jaber, said at the inaugural Africa Climate Summit on Tuesday. The Etihad Credit Insurance will provide $500 million of credit insurance to reduce risk and unlock private capital.

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