The United Arab Emirates (UAE) is strategically positioning itself to tap into Africa’s abundant renewable energy potential, holding 39% of the global share. With an eye on COP28 commitments, this move aims to diversify portfolios and establish the UAE as a leader in the African renewable energy market.
Africa’s Untapped Renewable Potential
The African continent, home to immense solar, hydroelectric, and geothermal resources, is just scratching the surface of its renewable energy potential. Despite estimates of a solar capacity potential of 10 TW, hydroelectric potential of 350 GW, and geothermal potential of 15 GW, the current installed renewable capacity stands at around 59 GW. The Invest in African Energy (IAE) forum, scheduled for May 14–15, 2024, in Paris, seeks to explore this untapped potential and foster collaboration between the Middle East, Europe, and Africa.
UAE’s Leading Investments and Initiatives
The UAE’s commitment to African renewables is evident through various projects. AMEA Power, an Emirati renewable energy company, is set to construct a 1 GW green hydrogen project in Kenya, along with geothermal, wind, and solar initiatives in Uganda, Ethiopia, Djibouti, and Mauritania. Masdar, another UAE-based renewable energy firm, has agreements for approximately 1 GW of renewable projects in Uganda and 150 MW of solar projects in Angola. Infinity Power, a joint venture of Masdar and Egypt’s Infinity, acquired a 60% stake in Lekela Power, expanding its wind power assets in South Africa.
Etihad 7 Program and Pledges
The UAE launched the Etihad 7 program at the beginning of this year, pledging $4.5 billion to deliver clean energy to millions of Africans by 2035. Sultan Ahmed al-Jaber, COP 28 President-Designate, urged developed nations to fulfill the $100 billion annual green finance commitment for developing countries. The UAE, leading renewable investment in Africa, is joined by Saudi Arabia, Qatar, and other Gulf nations expressing interest in sustainable economic growth across the continent.
IAE 2024: Bridging Gulf and African Energy Interests
The Invest in African Energy (IAE) 2024 forum in Paris emerges as a crucial platform, aligning European and Middle Eastern energy interests. It aims to foster partnerships, connect developers with African resources, and facilitate green energy finance, contributing to global transition goals.
Source：africa.com
