EU pledges 150bn euros in funding to drive Africa’s green growth agenda

The European Union is making a bold move by pledging a staggering 150 billion euros in green and clean investments in Africa by 2027. This commitment is aimed at assisting the continent in achieving its green growth agenda amidst the pressing challenges posed by the climate crisis. In an exclusive interview with CNBC Africa, Henriette Geiger, the European Union Ambassador to Kenya, shed light on the EU's significant investment and partnership with Africa in the crucial journey towards environmental sustainability. The EU's investment comes at a pivotal time when the world is grappling with the triple planetary crisis of climate change, biodiversity loss, and pollution. Geiger emphasized the urgency for international cooperation to address these pressing issues, especially with the upcoming COP28. The Africa Climate Summit, convened by Kenyan President Ruto and the African Union, is seen as a critical precursor to COP28, where African partners are poised to play a pivotal role in securing ambitious agreements. Geiger highlighted the importance of unity among African leaders in international climate negotiations, emphasizing that the summit is driven by an African agenda. The presence of the European Commission President at the summit underscores the EU's commitment to collaborating with Africa and the high expectations for the outcomes of the event. One of the key themes discussed in the interview was the EU's role as a facilitator for Africa's green industrialization and climate-resilient economies. Geiger pointed out the EU's expertise and industrial capacity in renewable energy technologies, underscoring the potential for collaboration with Africa to scale up its renewable energy infrastructure. The EU's focus on promoting a transition to a circular economy also aligns with its commitment to sustainable practices both within the EU and globally. Moreover, Geiger emphasized the EU's Global Gateway Africa-Europe investment package, which aims to mobilize at least 150 billion euros for clean investments in Africa by 2027. This substantial investment is earmarked for sectors like transport, digital infrastructure, climate initiatives, energy, health, education, and research to foster green and sustainable development across the continent. In addressing the growing market for green hydrogen, Geiger recognized the vast untapped renewable energy potential in Africa. She highlighted the significant opportunity for African countries to leverage their renewable energy resources for green hydrogen production, a sector with a burgeoning global market valued at over 130 billion US dollars. Geiger cited Kenya as a prime example, where the country's impressive progress towards renewable energy adoption sets a solid foundation for green hydrogen production. Kenya's ambitious target of attaining 100% renewable energy in the near future positions the country as a potential leader in green hydrogen production. With the EU's support in developing a green hydrogen roadmap and aiding in its implementation, Kenya serves as a beacon for other African nations looking to embrace renewable solutions. As the conversation with Geiger concluded, the commitment of the EU to supporting Africa's green growth agenda through substantial investments and technology partnerships highlights a positive step towards sustainable development on the continent. With the continent's renewable energy potential and the EU's expertise in clean technologies, the collaboration sets a promising path for fostering green economies and combating the challenges posed by climate change.