Germany has pledged to invest €4 billion (US$4.37 billion) in African green energy projects until 2030. This announcement was made by German Chancellor Olaf Scholz at the G20 Compact with Africa summit in Berlin on November 21, 2023.
What you should know
The investment will focus on projects that promote the use of renewable energy sources such as solar, wind, and geothermal power. It will also support the development of sustainable energy infrastructure, such as power grids and energy storage systems.
Scholz said that the investment is part of Germany’s commitment to helping Africa transition to a green economy and achieve its climate goals. He also noted that the investment will create jobs and prosperity in African countries and provide Germany with reliable suppliers of renewable energy materials.
The investment is welcomed by African leaders, who have been calling for increased investment in green energy from developed countries. The African Union has set a goal of generating 60% of its electricity from renewable sources by 2030.
African leaders have recently intensified calls for increased climate finance for the continent.