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Germany has pledged to invest 4 billion euros in Africa’s green energy until 2030.
The announcement was made by German Chancellor Olaf Scholz in Berlin after meeting African leaders and heads of international organisations including the President of the African Development Bank Group Dr. Akinwumi Adesina, during the G20 Compact with Africa conference.
The Compact with Africa was initiated by Germany in 2017 during its presidency of the G20 to improve conditions for sustainable private sector investment and investment in infrastructure in Africa.
To date, 13 African countries have joined the initiative: Benin, Burkina Faso, Côte d’Ivoire, the Democratic Republic of Congo, Egypt, Ethiopia, Ghana, Guinea, Morocco, Rwanda, Senegal, Togo and Tunisia.
Scholz said the conference with African leaders was “the starting signal for stronger, reliable cooperation between Africa and Europe to realise climate-friendly energy supply based on green hydrogen.”
“Produce green hydrogen and you can rely on us as buyers,” the German Chancellor told African leaders.
“Produce green hydrogen and you can rely on us as buyers,” German Chancellor Olaf Scholz (center) told African leaders at the Compact with Africa Conference. Left: African Union Commission Chairperson Moussa Faki Mahamat; right: Azali Assoumani, President of The Union of the Comoros and Chair of the African Union
Describing Africa as “the partner of our choice”, Chancellor Scholz said African countries should benefit more strongly from their wealth of natural resources and explained that the first step of processing should take place locally, creating jobs and prosperity.
During the Compact with Africa conference, African Development Bank Group President, Dr Akinwumi Adesina pushed for stronger partnerships and investment in Africa, the world’s fastest-growing continent.
Chancellor Scholz said, “In light of the multiple global challenges, cooperation and joint work based on fair rules is more important than ever. The international organisations are key players when it comes to preserving and strengthening an international global rules-based order, in particular regarding the international economic and financial system. They can help us to foster smart globalisation in which all countries have a fair chance for sustainable development.”
The African Development Bank President emphasised the importance of private sector development in Africa.Adesina said, “I commend Chancellor Olaf Scholz for convening the Compact with Africa Conference. The African Development Bank remains fully committed to the success of this initiative, especially through its focus on promoting private sector development in Africa.”
The Bank President said, tackling climate change, Africa’s infrastructure gap, and unlocking industrial manufacturing capacities requires attracting private sector financing at scale. To achieve this objective, he outlined several actions multilateral institutions must take.
“First, we must develop bankable projects and make them available to private investors.”
“Second, private sector development strategies must be aligned with the net-zero emission objective, with green investments prioritised.”
“Third, we should mitigate global risks and pool resources to optimise investment strategies, including through a platform like the Africa Investment Forum. This is an initiative that the African Development Bank and seven partner organisations created five years ago. It brings together project promoters and private and public financiers to catalyse investments on transformative projects across Africa.”
