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Chancellor Olaf Scholz of Germany has committed €4 billion ($4.4 billion) to the Africa-EU Green Energy Initiative until 2030, adding that Europe’s largest economy intends to source a substantial portion of its green hydrogen requirements from the African continent.
Delivering a speech at the G20 Compact With Africa Conference, Scholz said European countries should support Africa’s developing countries for climate-friendly energy solutions.
“This is not about development aid according to the outdated patterns of donors and recipients,”
“This is about investments that pay off for both sides,” Scholz told delegates. “For example, on the road to climate neutrality in 2045, we in Germany will need large quantities of green hydrogen and will import a large proportion of it from Africa.” he stated
The summit in Berlin has brought together the leaders of several African and European states, with the improvement of Africa’s role in developing renewable energy, green hydrogen and critical raw material extraction being among key aspects of the meeting.
Scholz encouraged African leaders at the conference to expedite their efforts in establishing an African Continental Free Trade Area which could give rise to one of the world’s largest free-trade zones.
According to him, such a move would “enormously increase the market potential for investors.”
Scholz expressed the commitment to closely support this forward-looking project, backing the negotiations and implementation of the agreement as the largest donor.
Senegal’s President Macky Sall, Nigerian President Bola Ahmed Adekunle Tinubu, Morocco’s Prime Minister Aziz Akhannouch, and President Alassane Ouattara of the Republic of Cote d’Ivoire were also present at the investment summit.
