Wednesday 29 May 2024
 
»
 
»
Story

Mercedes Vela Monserrate

GCFC partners with AGII to accelerate green growth in Africa

ABU DHABI, April 16, 2024

The Global Climate Finance Centre (GCFC), a COP28 legacy, has assumed the role of host and secretariat of the Africa Green Investment Initiative (AGII), UAE’s $4.5 billion finance plan aiming to unlock Africa’s green energy potential. 
 
Currently, investment in African renewables represents only 2% of the global total, falling short of the estimated $60 billion a year needed by 2030.  
 
Launched at the Africa Climate Summit (ACS), under the UAE’s Etihad 7 programme, AGII brings together private, public and development capital from UAE’s climate champions including Abu Dhabi Fund for Development, Masdar, AMEA Power, and Etihad Credit Insurance, with Africa50 as the strategic partner. 
 
Global convener
GCFC acts a global convener, bringing together key stakeholders from governments, financial institutions, philanthropic organisations and the private sector to scale up investment and address key barriers hindering investment flows to climate solutions.
 
Building on AGII launched at COP28 by William Ruto, President of the Republic of Kenya, GCFC supports African countries in their green industrialisation efforts to offer accelerated end-to-end green growth solutions, catalysing economic green growth on the continent.
 
GCFC actively supports green growth by fostering financial innovation for climate solutions, delivering market intelligence to lower perceived risks and improve decision making, mobilising additional capital to move project pipelines, and accelerating project development through technical assistance and capacity building. By tackling these challenges, and with support from additional partners, GCFC and AGII aim to empower stakeholders across Africa and drive a sustainable future for the continent.
 
Areas of focus
GCFC and AGII collaboration includes the following areas of focus: 
•Project Pipeline Acceleration: The partnership aims to advance the development and approval of projects submitted by AGII partners and other key stakeholders.
•Capacity Building: Joint efforts will focus on building the capacity of both public and private sector players in Africa and the UAE.
•Innovation and Problem-Solving: GCFC and AGII will collaborate to develop innovative climate finance solutions to address systemic challenges that have hindered green project expansion in Africa.
•Market Intelligence & Analysis: In collaboration with other institutions, the partnership will generate market intelligence to guide effective on-the-ground action.
 
Mercedes Vela Monserrate, CEO of the GCFC said: “GCFC takes a significant step towards unlocking Africa's green potential by hosting and acting as the secretariat of the AGII. By working together with our founding members, we can leverage a robust ecosystem that catalyses finance to supports innovative green projects, empowers stakeholders, and fosters a sustainable future for Africa.”
 
Mobilise capital
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: “Today’s announcement will mobilise capital and increase the adoption of clean renewable energy across Africa, helping to accelerate social and economic development for millions of people across the continent. 
 
“As the largest pure-play renewable energy company in Africa, we have committed an additional $2 billion of equity as part of the Africa Green Investment Initiative and aim to mobilise a further $8 billion through project finance and our Infinity Power platform, targeting the delivery of 10 GW of clean energy capacity in Africa by 2030.”
 
Alain Ebobissé, Chief Executive Officer of Africa50, said: “As a strategic partner of the Africa Green Investment Initiative, Africa50 is leveraging its project development and fund management expertise to scale up investments and deploy capital into transformational green projects. 
 
“We have a robust pipeline of bankable infrastructure projects that can support the continent’s dual imperative of decarbonising its industrialisation, while accelerating its socio-economic development. We look forward to working closely with GCFC and all partners, to drive innovative models and further unlock much-needed climate finance, which will help fast-track the continent’s energy transition.”--TradeArabia News Service
 



Tags:

More Health & Environment Stories

calendarCalendar of Events

Ads