The announcements were made during the COP28 taking place in the UAE and will support the recently launched Africa Green Industrialization Initiative to scale up green industries in the region.
According to research launched last year by Masdar, Abu Dhabi Sustainability Week and McKinsey & Company, Africa has a theoretical potential clean energy capacity of 850 terawatts in solar and wind alone and could capture as much as 10% of the global green hydrogen market. These agreements support the development of clean energy portfolios across several markets in Africa, helping to unlock that potential and deliver improved levels of energy security to its population.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said, “Masdar’s growth plans will help unlock Africa’s clean energy potential and further advance its energy transition. This follows Masdar’s landmark commitment to mobilize $10 billion in finance and 10GW of capacity for clean energy in Africa by the year 2030.”
At COP28, Masdar announced partnership agreements with both governments and private entities in six African countries: Angola; Uganda; The Republic of Congo; Kenya; Mozambique; and Zambia.
Masdar, one of the world’s fastest growing clean energy companies and the largest in Africa, has committed to deploying $2 billion of equity by 2030 in Africa as part of the UAE-led Africa Green Investment Initiative, which was announced during the Africa Climate Summit by Dr. Sultan Al Jaber, Chairman of Masdar and COP28 President. Masdar’s commitment aims to mobilize a total of $10 billion in investments to deliver 10GW of clean energy capacity in Africa by 2030.
