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COP28 Underscores Africa’s Energy Transition Investment Needs

COP28 - IAE paris

African countries have been vocal about their need for accelerated private investment and technical support to fund a just energy transition and unlock climate change finance, which is estimated at $2.8 trillion over the 2020-2030 period. The Invest in African Energy (IAE) forum – taking place in Paris on May 14-15, 2024 – is the premier platform for European investors and project developers to deliver on COP28 commitments and cement their position as Africa’s partner of choice for the energy sector.

Several key outcomes from the COP28 summit, which came to a close last week, have signaled Europe’s mounting interest in Africa’s energy transition. On December 2, the Team Europe Initiative pledged more than $21.5 million towards the Africa-EU Green Energy Initiative (AEGEI), which aims to increase access to affordable, reliable and sustainable energy across the continent, as well as improve energy efficiency. Led by the European Commission, AEGEI targets the development of at least 50 GW of renewable energy generation capacity, supplying electricity to at least 100 million Africans by 2030.

Meanwhile, the African Development Bank (AfDB) and its global partners – which include France and Germany – mobilized over $175 million for the Alliance for Green Infrastructure in Africa during the first week of COP28. The alliance seeks to catalyze up to $10 billion in private capital for green infrastructure projects across the continent, with Germany alone pledging to contribute up to $28 million from 2024. In the weeks preceding the summit, Germany also announced plans to invest $4.3 billion in green energy projects in Africa through 2030, to be channeled into the AEGEI.

As European partners continue to pledge their support of Africa’s clean energy development – while seeking to diversify their own energy supplies – a dedicated platform is needed to ensure these pledges are channeled into actionable deals and investments. The upcoming IAE 2024 forum does just this by connecting potential investors with African energy and infrastructure projects, leveraging strong political will and institutional backing to drum up private capital. Technology and service providers will have the opportunity to connect with investors and project developers from both continents to drive deals forward and build off the post-COP28 momentum, ensuring Africa’s energy transition investment needs are met.

Invest in African Energy (IAE) 2024 is an exclusive forum designed to foster collaboration between European investors and African energy markets. Taking place May 14-15, 2024 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.invest-africa-energy.com.