Type to search

Germany’s Chancellor Scholz Pledges €4 Billion for Green Energy Projects in Africa

Germany’s Chancellor Scholz Pledges €4 Billion for Green Energy Projects in Africa

Germany Green Energy In Africa
Listen to this story:

The German government has pledged to invest €4 billion in African green energy projects until 2030. The announcement was made by Chancellor Olaf Scholz at the G20 Compact with Africa summit in Berlin.

“We believe that Africa has the potential to be a global leader in green energy,” Scholz said. “We are committed to working with African countries to develop their renewable energy resources and create jobs and prosperity in their communities.”

The €4 billion investment will be used to support a variety of projects, including solar, wind, and geothermal power plants. The projects will be located in a number of African countries, including Kenya, Nigeria, and Morocco.

In addition to the investment, the German government is also providing technical assistance to African countries to help them develop their green energy sectors. The assistance includes training for workers, advice on financing, and support for regulatory reform.

The German government’s investment in African green energy is part of its broader commitment to combating climate change. The government has set a target of reducing greenhouse gas emissions by 65% by 2030 and becoming climate neutral by 2050.

The investment is also seen as a way to strengthen economic ties between Germany and Africa. The government hopes that the investment will create jobs and opportunities for businesses in both regions.

Related Article: Germany On Track to Pass 50% Mark for Renewable Power This Year

The G20 Compact with Africa is an initiative launched by Germany during its chairmanship of the Group of 20 leading rich and developing nations. The initiative aims to improve the participating countries’ economic conditions to make them more attractive for foreign private investment.

The Compact with Africa includes a number of measures to promote investment in Africa, including providing financial support for infrastructure projects, improving the business environment, and strengthening rule of law.

The German government’s €4 billion investment in African green energy is a significant step forward in the implementation of the G20 Compact with Africa. The investment will help to create jobs, promote economic growth, and combat climate change in Africa.


Related Articles