Germany commits to EUR-4bn green energy investment in Africa

The German government has committed to investing EUR 4 billion (USD 4.4bn) in Africa’s green energy by 2030, Chancellor Olaf Scholz announced on Thursday, prompting African leaders to produce green hydrogen for sale to Germany.

Scholz made the pledge after meeting African leaders during the G20 Compact with Africa conference. So far, 13 African countries have joined the Compact with Africa initiative, which was initiated by Germany in 2017.

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The German Chancellor said the conference was “the starting signal for stronger, reliable cooperation between Africa and Europe to realise climate-friendly energy supply based on green hydrogen,” as quoted in a statement by the African Development Bank.

African Development Bank Group president Akinwumi Adesina, who attended the meeting, called for stronger partnerships and investment in Africa and stressed the importance of private sector development.

(EUR 1 = USD 1.090)