G20 Compact with Africa
The government of Germany has pledged to invest €4-billion up to 2030 to advance Africa’s green energy transition.
German Chancellor Olaf Scholz made the announcement at a press conference in Berlin this week after meeting African leaders and heads of international organisations including development finance institution African Development Bank president Dr Akinwumi Adesina, during the G20 Compact with Africa conference.
The Compact with Africa was initiated by Germany in 2017 during its presidency of the G20 to improve conditions for sustainable private sector investment and investment in infrastructure in Africa.
To date, 13 African countries have joined the initiative: Benin, Burkina Faso, Côte d’Ivoire, the Democratic Republic of Congo, Egypt, Ethiopia, Ghana, Guinea, Morocco, Rwanda, Senegal, Togo and Tunisia.
Scholz said the conference with African leaders was “the starting signal for stronger, reliable cooperation between Africa and Europe to realise climate-friendly energy supply based on green hydrogen”.
“Produce green hydrogen and you can rely on us as buyers,” he promised African leaders.
Describing Africa as “the partner of our choice”, Scholz said African countries should benefit more strongly from their wealth of natural resources and explained that the first step of processing should take place locally, creating jobs and prosperity.
During the Compact with Africa conference, Adesina pushed for stronger partnerships and investment in Africa.
“In light of the multiple global challenges, cooperation and joint work based on fair rules is more important than ever. The international organisations are key players when it comes to preserving and strengthening an international global rules-based order, in particular regarding the international economic and financial system.
“They can help us to foster smart globalisation in which all countries have a fair chance for sustainable development,” Scholz averred.
“I commend Chancellor Olaf Scholz for convening the Compact with Africa Conference. Tackling climate change, Africa’s infrastructure gap, and unlocking industrial manufacturing capacities requires attracting private sector financing at scale,” Adesina said.
He posited that tackling climate change, Africa’s infrastructure gap and unlocking industrial manufacturing capacities required attracting private sector financing at scale.