European Commission vows to stand by Africa at COP28

Addis Ababa, September 5, 2023 (FBC) – In her remarks at the Africa Climate Summit underway in Kenya, President of the European Commission, Ursula von der Leyen, appreciated the event as a milestone on the road to the upcoming UN Climate Change Conference (COP23) to be held in Dubai.

“This Summit is a crucial step to prepare the upcoming COP28 meeting and to make sure that Africa’s voice resonates around the world and that Africa’s priorities – as a continent that is most affected by climate change – are duly taken on board,” Ursula von der Leyen said.

“Today I am here not only to listen to you but also to bring Europe’s offer to be your ally at COP28, and to work together on all issues on the agenda. Because however different our two continents may look, we share the same interests when it comes to climate action,” she added.

The President explained that by speeding up the transition to solar and wind power, energy sector jobs in Africa could double in a few years. “And Africa could produce enough clean energy not only to power up your continent but also to export abroad. Climate action can be one of the main drivers of Africa’s growth,” she noted.

“But for this, Africa needs massive investment. And Europe wants to be your partner in closing this investment gap. First of all, we fully support the need for multilateral development bank reform. It is time to move from words to action – absolutely. Secondly, investment has to come. This is why EUR 150 billion in our investment plan are designated for Africa, we call it Global Gateway. These EUR 150 billion are aimed at the African continent. Global Gateway supports investments ranging from hydropower plants in the DRC, Burundi, Rwanda and Tanzania, to the EUR 1 billion Initiative on Climate Adaptation and Resilience in Africa, which we announced at COP27.”

European countries want to share their technology with Africa, she said, pledging to invest in skills for local workers.

“Yet public money from major economies, however crucial, is not enough. This is why we need to bring the conversation on climate financing to the global stage, at COP28,” She underscored.

She stressed the need for attracting private investment to Africa, unveiling carbon pricing and carbon credits and setting global targets for the energy transition to address issues of climate finacing.

“The green transition will require an unprecedented scale of private investment. Public finance will not suffice. This is true for Europe, but this is also true for emerging markets and developing economies. Private capital will need to be mobilised at scale. And here, green bonds are widely recognised as providing part of the solution,”

“If we step up global investment in renewables, this would make clean energy more affordable for all countries, including here in Africa. This is why COP28 President, Dr Sultan Al Jaber, and I champion an initiative for global targets for the energy transition to be achieved collectively,” she added.