EIB’s Ostros: Africa’s green transition requires global support

The drive towards accelerating climate financing remains a top priority for Africa’s Green Transition. CNBC Africa had an exclusive interview with Thomas Ostros from the European Investment Bank to discuss the global support needed for this transition. Ostros highlighted the importance of the recent gathering of African leaders, multilateral development banks, and the private sector to discuss concrete ideas and practical steps for addressing climate change. He emphasized the role of the European Investment Bank as the world's largest multilateral development bank and the frontrunner in climate financing. As the bank actively seeks out green projects in Africa, Ostros expressed optimism about the opportunities for investment in renewable energy, sustainable urban transport, and health initiatives across the continent. The European Union's commitment of close to 150 billion euros towards green financing sets a precedent for increased investment in Africa. Ostros stressed the need for leveraging private capital to support these investments, citing the importance of attracting private money to complement public funds. Despite the concerns around the debt crisis facing many African countries, Ostros called for a balanced approach that addresses debt restructuring while ensuring continued financial support for crucial climate investments. The interview shed light on the importance of global cooperation and financial support in driving Africa's green transition towards a sustainable future.