The United Arab Emirates (UAE) has pledged $4.5Bn towards starting a pipeline of renewable energy to help in dealing with climate change and showcasing the continent’s potential as a green powerhouse.

The UAE announced its commitment during the ongoing three-day Africa climate summit which began on September 4, 2023, and will end on September 6, 2023.

The Africa climate summit that is still ongoing in the Capital of Kenya, has gathered Heads of State, from Rwanda, Egypt, Eritrea, South Sudan, Mozambique, Tanzania, Ghana, Government Ministers, and industry, as well as the United Nations Secretary-General, António Guterres, EU Chief-Ursula Von Der Leyen, and US climate envoy-John Kerry, among others.

According to Sultan Al Jaber, the Head of the UAE’s National oil company ADNOC and government-owned renewable energy company Masdar, the venture ensures the kick-starting of renewable energy projects for Africa as a continent.

“The investment would jump-start a pipeline of bankable renewable energy projects in this very important continent,” Jaber said.

Jaber, who is also the President of the COP28 climate conference, which will be hosted in Dubai in November-December this year, added that, by 2030, a group of companies led by Masdar will assist in the development of 15 gigawatts of sustainable energy.

Apart from calling on the world to assist Africa in becoming a renewable energy superpower, the UN Secretary-General said that, renewable energy could be the African miracle.

Ruto said in his statement that, Africa holds the key to accelerating decarbonization of the global economy. We are not just a continent rich in resources. We are a powerhouse of untapped potential, eager to engage and fairly compete in the global markets.

Renewable energy is generated from natural resources like sunshine, waterfalls and wind.