German Chancellor Olaf Scholz has announced that Germany will invest €4 billion in sustainable energy projects in Africa by 2030. The investment aims to improve Africa’s role in renewable power, green hydrogen, and critical raw material extraction. The announcement was made at the Compact with Africa summit in Berlin, which brought together leaders from African and European states to discuss clean energy and its potential to develop African economies and contribute to global decarbonization.
The German government highlighted the importance of increasing the involvement of African states in both providing and processing resources for sustainable technologies. This approach aims to contrast with China’s previous approach in Africa, which focused primarily on resource extraction. Chancellor Scholz emphasized that the investment is not about traditional development aid but rather about mutually beneficial investments that will pay off for both sides.
The four billion euros pledged by Germany will be channeled through the Africa-EU Green Energy Initiative, which aims to promote clean energy projects in Africa. Speaking at a press conference, Chancellor Scholz stressed the inseparable link between Europe’s future and that of its neighboring continent. He expressed confidence in the potential of clean energy projects to strengthen the partnership between Europe and Africa.
The investment comes at a crucial time as countries worldwide are ramping up efforts to transition to renewable energy and reduce carbon emissions. Africa, with its abundant renewable energy resources, has the potential to play a significant role in this transition. The investment from Germany will not only support the development of clean energy projects in Africa but also contribute to job creation, economic growth, and the overall well-being of the continent.
The Compact with Africa summit serves as a platform for collaboration and exchange of ideas between African and European leaders. It reflects the commitment of both regions to work together towards a sustainable and prosperous future. By investing in Africa’s clean energy sector, Germany is demonstrating its dedication to fostering global energy transition and supporting the continent’s economic development.
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