By Yemi Olakitan
On the second day of the African Climate Summit in Nairobi, on Wednesday, the European Union announced that it would support Africa to create jobs through a special investment plan on adapting to climate change.
The £150 billion ($156 billion) Global Gateway Investment Plan for Africa, according to European Union (EU) President Ursula Von Der Leyen, is revolutionising how the EU engages with Africa.
As a result of the bloc’s desire to stop utilising what they refer to as “dirty energy,” Africa has been under pressure to follow suit.
This change in policy has generated controversy because some African governments want to exploit the recently discovered wealth before transiting.
Among the investments that the EU’s Global Gateway hopes to attract are hydroelectric projects in the Democratic Republic of the Congo, Burundi, Rwanda, and Tanzania.
The EU presented the €1 billion ($1.1 billion) Initiative on Climate Adaptation and Resilience in Africa during COP27, the UN climate summit held in Sharm el Sheikh, Egypt, in November of last year.
“Resource extraction is merely one of our interests. We want to work with you to establish regional value chains and strong employment opportunities in Africa, said Ms. von der Leyen.
“We want to introduce you to European technologies. We aim to make investments in local workers’ skill sets. This is essential for the younger generation. Because of this, she continued, “the stronger you are as suppliers, the more Europe will diversify its supply chains towards Africa, and the more our economies will both be reduced in danger.
She also stated that it was time to carry out their long-discussed plans and revealed Europe’s aspirations to close the investment gap with Africa.
“First and foremost, we firmly believe that reforming multilateral development banks is necessary. It’s time to firmly switch from words to deeds. The second requirement is investment. Africa need significant investment, and Europe wants to work with you to fill this investment gap. This is why our investment strategy, which we refer to as Global Gateway, allocates EUR 150 billion to Africa. The African continent is the target of these €150 billion,” she explained.
She used Namibia as an example, which is currently developing a new hydrogen sector and a value chain for raw materials in partnership with Europe.
Kenya and the EU were expected to announce a new hydrogen cooperation to boost the green hydrogen economy with the full support of Team Europe.
The African Development Bank’s (AfDB) president, Akinwumi Adesina, announced during the summit that the bank will contribute $25 million to funding for climate change. On Wednesday, the session comes to an end.
“Africa must utilise its natural gas resources and pair them with renewable ones. Adesina stressed the need for climate-resilient food and agriculture in Africa.
“We must reassess the riches of Africa by giving proper consideration to its natural resources, with the Congo forest serving as a carbon sink as one example. It is necessary to revalue Africa’s GDP in light of its carbon sequestration. Africa must establish its own markets for carbon. Nature cannot be wealthy and money be poor, he continued.