Connect with us

News

Europe Leads Mobilization of €15.5 billion Investment in Clean Energy for Africa

Published

on

Europe Leads Mobilization of €15.5 billion Investment in Clean Energy for Africa

By: Michael Mike

An investment of €15.5 billion has been secured to power a clean future across Africa, as well as additional commitments in clean energy generation and access for households to electricity as a result of a

year-long campaign to mobilise investments in renewable energy on the African continent, led by European Commission President Ursula von der Leyen and South African President Cyril Ramaphosa.

The European Union led the pledging effort, with more than €15.1 billion. This includes a pledge made by President von der Leyen, on behalf of Team Europe, of over €10 billion, as well as significant additional bilateral contributions by European financial institutions, Member States and their Development Finance Institutions, and estimated private investment mobilised.

The campaign, organised in collaboration with the international advocacy organisation Global Citizen and with the policy support of the International Energy Agency, according to a statement on Sunday by EU, was aimed at driving public and private investment in supporting the clean energy transition in Africa, expand access to electricity – and promote Africa’s sustainable economic growth and decarbonised industrialisation.

The statement added that this also represents a step up to accelerate the transition from fossil fuels to clean and sustainable energy globally.

President von der Leyen said: “Today, the world has stepped up for Africa. With €15.5 billion, we are turbocharging Africa’s clean-energy transition. Millions more people could gain access to electricity; real, life-changing power for families, for businesses, for entire communities. This investment is a surge of opportunity: thriving markets, new jobs, and reliable, clean energy that meets the needs of partners across the globe President Ramaphosa and I both look forward to a clean-energy future for the continent. A future led by Africa, with strong support from its friend and partner, Europe.”

The Team Europe package announced by President von der Leyen includes new Global Gateway projects co-financed with contributions from Germany, France, Denmark, Italy, the Netherlands, and Spain as well as the European Investment Bank (€2.1 billion) and the European Bank for Reconstruction and Development (€740 million). In addition, Italy (€2.4 billion), Germany (over €2 billion), the Netherlands including FMO (€250 million), Portugal (€113 million), Denmark (€81 million), Sweden (€44 million), Austria (€5 million), Ireland (€5 million) made bilateral contributions, worth over €5 billion, while the EBRD announced a separate bilateral investment of over €600 million.

In the context of the campaign, the African Development Bank pledged to allocate at least 20% of the African Development Fund’s 17th replenishment to renewable energy. Norway pledged approximately €53 million through their contribution to the African Development Fund over 2026-2028.

The campaign also secured additional commitments that will generate 26.8 GW generated renewable energy and bring renewable electricity to 17.5 million households a that currently live without reliable access.

From the €10 billion pledged by President von der Leyen on behalf of Team Europe, €3.1 billion were announced previously on the occasion of the EU-South Africa summit in March 2025, the Mattei Plan for Africa and Global Gateway event in June 2025, the Africa Climate Summit and the United Nations General Assembly in September 2025 and the Global Gateway Forum in October 2025, while €7 billion were announced by the President during the final pledging event in Johannesburg on 21 November.

A list of projects included in the announcement is available online, and in

addition to the campaign pledges, a number of Team Europe actors have indicated their intention to increase investments in renewable energy by 2030. This amounts to another €4 billion.

The ‘Scaling up Renewables in Africa’ campaign was launched in November 2024 in Rio de Janeiro by European Commission President Ursula von der Leyen and South African President Cyril Ramaphosa. Its aim was to drive new commitments on policy and finance from governments, financial institutions, the private sector and philanthropists. The campaign also created momentum more broadly towards the ambitious targets of tripling renewable energy and doubling energy efficiency worldwide, set at COP28.

Currently, 600 million people still lack access to electricity in Africa. With Africa’s population set to double by 2050, providing affordable, sustainable energy is crucial for both the continent’s development and global climate goals. Africa holds 60% of the world’s best solar resources, offering a significant opportunity for renewable energy.

Despite this, the continent attracts only 2% of global energy investment, and faces challenges like high capital costs, limited investment, geographic barriers, and supply chain constraints, but through the Global Gateway investment strategy, and in particular through the Africa-Europe Green Energy Initiative (AEGEI), the European Union is working with African partners to seize this opportunity. The EU is delivering major investments in renewable energy generation, transmission and cross-border electricity trade, while building long-term, reliable partnerships to support Africa’s clean energy future.

Europe Leads Mobilization of €15.5 billion Investment in Clean Energy for Africa

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Troops repel attack by gunmen in Plateau – Army

Published

on

Troops repel attack by gunmen in Plateau – Army

By: Zagazola Makama

Troops of Sector 6, Operation Enduring peace, have repelled an attack by unidentified gunmen in Riyom Local Government Area of Plateau State.

Sources said the incident occurred at about 8:00 p.m. on May 5 at Rim general area.

According to the source, troops deployed at the location came under sporadic gunfire from unknown assailants.

He said the troops swiftly responded and engaged the attackers, forcing them to withdraw from the area.

“Troops successfully repelled the attack, and the criminals fled,” the source said.

The source added that follow-up patrols had been intensified to track the fleeing attackers and prevent further security breaches in the area.

Troops repel attack by gunmen in Plateau – Army

Continue Reading

News

Zulum meets NPA’s mgt in Lagos, wants Borno’s export capabilities scaled up

Published

on

Zulum meets NPA’s mgt in Lagos, wants Borno’s export capabilities scaled up

By: Michael Mike

Borno State Governor, Professor Babagana Zulum, met with the management of the Nigerian Ports Authority (NPA) in Lagos on Tuesday during which he discussed opportunities for his state’s local creators to link into the value chain.

Zulum’s administration, since 2019, has pushed to diversify Borno’s economy while also creating a conducive environment for business and investment.

The governor, who was received by the Managing Director/Chief Executive Officer of the NPA, Dr Abubakar Dantsoho, alongside Executive Director, Engr. Ibrahim Abba Umar, had paid a similar high-level visit to the Nigerian Shippers’ Council (NSC) last year.

At the NSC meeting, Zulum had pushed for the fast-tracking of the Maiduguri Dry Inland Port; a landmark project designed to bring port services closer to the northeast. 

Once operational, the dry port will create thousands of jobs, generate significant internal revenue and boost Borno’s overall economic activity by reducing logistics costs and decongesting coastal ports.

In a related development, Zulum’s administration is also working to fully establish the African Continental Free Trade Area (AfCFTA) in Banki, a border town neighbouring the Republic of Cameroon, with the process already at an advanced stage.

By simultaneously advancing the Dry Inland Port in Maiduguri and the Free Trade Zone in Banki, Zulum is putting in place a coherent strategy to industrialise Borno, create jobs, generate revenue and permanently shift the state’s economy away from over-reliance on monthly federal allocations.

Zulum meets NPA’s mgt in Lagos, wants Borno’s export capabilities scaled up

Continue Reading

News

APC Backs Tegbe for Power Reforms, Cites Proven Expertise, Strategic Leadership

Published

on

APC Backs Tegbe for Power Reforms, Cites Proven Expertise, Strategic Leadership

By: Michael Mike

The All Progressives Congress (APC) in Oyo State has hailed the nomination of Chief Joseph Olasunkanmi Tegbe as Nigeria’s Minister of Power, describing it as a timely move amid the country’s persistent electricity challenges.

In a statement issued in Ibadan, the party’s state leadership said Tegbe’s selection reflects both merit and the urgent need for competent leadership in the nation’s power sector.

The statement, jointly signed by State Chairman Chief Moses Adeyemo Alake and State Secretary Hon. Fatai Adesina, expressed strong confidence in Tegbe’s ability to drive meaningful reforms, citing his extensive professional background and policy experience.

Tegbe, an engineer and seasoned policy strategist, brings over three decades of experience spanning engineering, consulting, and public sector advisory.

He previously served as Director-General of the Nigeria–China Strategic Partnership, where he coordinated bilateral development initiatives and investment engagements between both countries.

He also chaired the National Tax Policy Implementation Committee, playing a key role in advancing Nigeria’s fiscal reform agenda and strengthening revenue frameworks.

Before transitioning fully into public service, Tegbe built a distinguished career at KPMG, rising to become Senior Partner and Head of Advisory Services in Africa. In that role, he led major engagements on governance reforms, economic policy, institutional transformation, and investment strategy across both public and private sectors.

Earlier in his career, he worked with Shell Petroleum Development Company, gaining experience in corporate operations and resource management.

Academically, Tegbe holds a first-class degree in Civil Engineering from Obafemi Awolowo University and has attended executive programmes at globally renowned institutions including Harvard and INSEAD, further reinforcing his technical and leadership credentials.

The APC noted that this blend of technical expertise and policy leadership positions him to tackle longstanding challenges in power generation, transmission, and distribution.

“The APC in Oyo State is confident that Chief Tegbe will bring innovation, efficiency, and sustainable solutions to Nigeria’s power sector. His history of performance and commitment to service positions him to make meaningful contributions to national development,” the statement read.

The party emphasized that Nigeria is at a critical stage where strategic direction is essential to unlock sustainable energy solutions, noting that Tegbe’s leadership could help reposition the sector for improved performance.

It added that the APC in Oyo would offer its full support while maintaining constructive engagement with the minister-designate and other stakeholders to ensure progress.

The statement also acknowledged Tegbe’s longstanding contributions to the growth of the party in the state, expressing optimism that his new role would further deepen his commitment to national development.

The APC wished him a successful tenure, expressing hope that his leadership would mark a significant shift toward stable and reliable electricity supply across the country.

APC Backs Tegbe for Power Reforms, Cites Proven Expertise, Strategic Leadership

Continue Reading

Trending

Verified by MonsterInsights