The European Union and African partners have secured $17.8B (€15.5 billion) to accelerate the continent’s clean energy transition, aiming to expand electricity access, boost renewable energy deployment, and stimulate sustainable industrial growth.

The initiative, co-led by Ursula von der Leyen, European Commission President, and Cyril Ramaphosa, South African President, involves partnerships with Global Citizen and the International Energy Agency. It targets millions of households currently without stable electricity and seeks to generate 26.8 gigawatts of renewable energy.

The EU contributed over $17.4 billion (€15.1 billion), with Team Europe pledging more than $11.6 billion (€10 billion). Additional funding came from EU member states, European development finance institutions, and private investors. The African Development Bank committed at least 20% of its African Development Fund’s seventeenth replenishment to renewable energy, while Norway pledged approximately $61 million (€53 million) for 2026–2028.

The campaign, launched in November 2024 in Rio de Janeiro under the “Scaling up Renewables in Africa” initiative, supports Africa-Europe Green Energy projects, including modern grids, regional power-trade infrastructure, and clean electricity generation. Organizers highlight that the campaign also advances COP28 goals, including tripling renewable energy capacity and doubling energy efficiency by 2030.

Speaking at the pledging event in Johannesburg, von der Leyen emphasized the initiative’s potential to provide life-changing electricity access, unlock economic opportunities, and create jobs, framing it as an Africa-led future supported by Europe.

Source: businessday.ng