The government of Germany has pledged to invest 4 billion euros in Africa’s green energy until 2030
The declaration came during a press conference in Berlin following discussions with African leaders and international organizations at the G20 Compact with Africa conference.
“Produce green hydrogen and you can rely on us as buyers,” stated Olaf Scholz, German Chancellor during a press conference at the event where he also described Africa as “The partner of choice”.
The Compact with Africa initiative, launched by Germany in 2017 during its G20 presidency, aims to improve conditions for sustainable private sector investment and infrastructure development in Africa. Currently, 13 African nations, including Benin, Egypt, Ghana, and Rwanda, have joined the initiative.
Chancellor Scholz emphasized that the conference marked the beginning of a robust and reliable cooperation between Africa and Europe, focused on achieving a climate-friendly energy supply based on green hydrogen.
Dr. Akinwumi Adesina, President of the African Development Bank Group, echoed the call for stronger partnerships and investments in Africa stating “The African Development Bank remains fully committed to the success of this initiative, especially through its focus on promoting private sector development in Africa.”
To attract private sector financing at scale, Adesina outlined key actions for multilateral institutions. These include developing bankable projects, aligning private sector development strategies with net-zero emission objectives, and pooling resources to optimize investment strategies through platforms like the Africa Investment Forum.
The G20 Compact with Africa conference focused on strengthening multilateral cooperation and working towards a fair, rules-based international economic and financial system. Discussions covered global economic challenges, climate change, trade, labor shortages, unemployment, and the importance of multilateralism.
On the sidelines of the conference, President Adesina announced plans to establish an executive advisory body dedicated to nurturing young African entrepreneurs and start-ups. Focusing on the need to revamp the financial ecosystem to better serve the needs of young entrepreneurs.
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