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COP28 Presidency Announces US$4.5 Billion UAE Finance Initiative to Unlock Africa’s Clean Energy Potential
- Announced by COP28 President-Designate, H.E. Dr. Sultan Al Jaber, during keynote address at African Climate Summit in Nairobi, the investment initiative will help unlock Africa’s clean energy potential.
- The Initiative brings together public, private, and development capital from Abu Dhabi Fund for Development (ADFD), Etihad Credit Insurance (ECI), Masdar, AMEA Power.
- Africa50 will act as a strategic partner to help identify initial projects and connect to local implementing entities.
- The COP28 President-Designate calls on Africa leaders to set out clear long-term transition and investment plans, along with policy and regulatory frameworks to unlock commercial finance for clean energy projects.
- New initiative aligns with COP28 Presidency call for global tripling of renewable energy by 2030 and push to make finance more available, accessible and affordable.
- Initiative will sit under umbrella of Etihad 7, a development platform championed by the UAE Ministry of Foreign Affairs and launched by the UAE at Abu Dhabi Sustainability Week in 2022. Etihad 7 aims to provide 100 million people across the African continent with clean electricity by 2035.
NAIROBI, Kenya, Sept. 5, 2023 /PRNewswire/ — The COP28 President-Designate, H.E. Dr. Sultan Al Jaber, announced today a UAE finance initiative that will provide US$4.5 billion to help unlock Africa’s clean energy potential. The announcement was made during a keynote address at the inaugural African Climate Summit in Nairobi, Kenya.
The landmark initiative brings together vital public, private, and development capital from UAE institutions, notably from Abu Dhabi Fund for Development (ADFD), Etihad Credit Insurance (ECI), Masdar, and AMEA Power. Africa50, which is an investment platform established by African governments and the Africa Development Bank (AfDB), has also joined the UAE finance initiative. Africa50 was founded to help solve the continent’s critical infrastructure challenges and will help identify initial projects and connect to local implementing entities.
The COP28 President Designate has repeatedly called for the global tripling of renewable energy by 2030 and has pushed to make finance more available, accessible and affordable.
The announcement came with a clear call to action for African leaders to improve policy and regulatory frameworks to attract the long-term investments necessary to accelerate the deployment of clean and renewable energy.
In order to reduce barriers to investment, the President-Designate highlighted multiple action points that require the coordinated efforts of African leaders and the international community.
These include restoring the financial sustainability of local utilities and modernizing basic energy infrastructures, clarifying development processes and eliminating the red-tape delaying market lead-time, in addition to eliminating restrictions to capital flows and accessing adequate and affordable risk mitigation measures. During his remarks, the COP President-Designate Dr. Sultan Al Jaber said: “This initiative builds on the UAE’s track record of commercially driven, innovative blended finance solutions that can be deployed to promote the adoption of clean energy in emerging and developing nations. This multi-stakeholder partnership approach is designed to accelerate sustainable economic progress, address the challenge of climate change and stimulate low carbon growth.”
He added: “The initiative will prioritize investments in countries across Africa with clear transition strategies, enhanced regulatory frameworks and a master plan for developing grid infrastructure that integrates supply and demand. In short, this initiative is designed to work with Africa, for Africa. It aims to clearly demonstrate the commercial case for clean investment across this continent. And it will act as a scalable model that can be replicated to help put Africa on a superhighway to low carbon growth.”
Fast-tracking the energy transition, fixing climate finance, focusing on people, lives and livelihoods, and underscoring these efforts with full inclusivity are the key pillars of the COP28 Presidency’s Action Agenda
In sub-Saharan Africa alone, 600 million people live without access to electricity. Delivering greater access to clean energy will drive social and economic development but currently investment in African renewables represents only 2 percent of the global total, and less than a quarter of the US$60 billion a year the continent needs by 2030.
The initiative announced today seeks to correct this imbalance by bringing key stakeholders together to accelerate development and delivery of infrastructure, generation and distribution solutions to close the gap in universal clean energy access.
The initiative will sit under the umbrella of Etihad 7, a development platform launched by the UAE at Abu Dhabi Sustainability Week in 2022, and championed by the Ministry of Foreign Affairs (MoFA). Announced in 2022, Etihad 7 aims to provide 100 million people across the African continent with clean electricity by 2035.
The Abu Dhabi Fund for Development (ADFD) and the Etihad Credit Insurance (ECI) are kickstarting this initiative through funding the initial investment intended to catalyze private sector action. ADFD is supporting with US$1 billion of financial assistance to address basic infrastructure needs, offer innovative finance solutions and increase mobilization of private investments. The ECI is providing US$ 500 million of credit insurance to de-risk and unlock private capital – further demonstrating ECI’s commitment towards global sustainable development.
Masdar, one of the world’s largest clean energy companies, active in 22 countries in Africa, is committing an additional US$2 billion of equity as part of the new initiative. Masdar will mobilize an additional US$8 billion in project finance and through its Infinity Power platform. Masdar will target the delivery of 10 gigawatts (GW) of clean energy capacity in Africa by 2030.
AMEA Power is targeting 5GW of renewable energy capacity in the continent by 2030, mobilizing US$5 billion, of which US$1 billion will come from equity commitment, and US$4 billion from project finance.
Additionally, the initiative seeks to create pathways for other multilateral development banks, governments, and philanthropies to catalyze additional private sector investment. The COP28 Presidency has called for others including international financial institutions (IFIs) and foundations to join the effort to convert words into actions.
The COP28 UAE Presidency also recognizes that the Global South needs to be in the driver’s seat to ensure a fully inclusive approach.
The COP28 UAE Presidency continues to call for the doubling of adaptation finance and to operationalize funding arrangements for Loss and Damage to ensure that those most vulnerable to the effects of climate change are protected. The COP28 Presidency is working to achieve broader reform of IFIs to unlock necessary mitigation as well as adaption financing to support the Global South.
Today’s announcement comes days before the United Nations Framework Convention on Climate Change (UNFCCC) is due to release the technical data around the first Global Stocktake of climate progress since the 2015 Paris Agreement. It is widely anticipated that the Stocktake will find that the world is off-track from meeting its objectives as outlined In 2015.
For all media enquiries and interview requests, please contact [email protected]. The latest updates from COP28 are available on Twitter (@COP28_UAE), with images and videos for usage on Flickr (COP28 UAE). For more information, please visit: www.cop28.com.
Notes to Editors:
COP28 UAE:
- COP28 UAE will take place at Expo City Dubai from November 30-December 12, 2023. The Conference is expected to convene over 70,000 participants, including heads of state, government officials, international industry leaders, private sector representatives, academics, experts, youth, and non-state actors.
- As mandated by the Paris Climate Agreement, COP28 UAE will deliver the first ever Global Stocktake – a comprehensive evaluation of progress against climate goals.
- The UAE will lead a process for all parties to agree upon a clear roadmap to accelerate progress through a pragmatic global energy transition and a “leave no one behind” approach to inclusive climate action.
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Australian property developer and operator to utilise innovative cloud platform for construction and investment accounting
SYDNEY, Sept. 18, 2024 /PRNewswire/ — Apt.Residential, an owner, developer and operator of residential properties in Australia, has chosen Yardi’s single connected platform to support growth, connect teams and manage capex projects and build.
With Yardi®, Apt.Residential can manage its funds and simplify complex financial processes, mitigate risk and deliver real-time insights into projects. The platform provides more visibility from investor to asset and delivers enhanced and accurate reporting. The company can access live data for costing, expenses, and revenue on all projects, from ground-up development to single-unit improvements and will allow Apt.Residential to grow the volume of units within BTR once they have operational units.
“We wanted to find the best platform for BTR that would support growth, streamline management of capex projects and handle our complex accounting,” said Michael Hogg, co-founder & head of operations for Apt.Residential. “Yardi’s single integrated platform was the best solution as it ensures our team can connect on one system and not worry about integrations or using multiple platforms.”
“We’re excited to work with Apt.Residential and support its growth as the company expands its BTR projects,” said Neal Gemassmer, vice president and general manager for Yardi. “Our connected platform will help Apt.Residential enhance communication and set them up so they’re ready to operate once development has completed.”
See how Yardi’s end-to-end technology can help drive your digitalisation strategies.
About Apt.Residential
Apt.Residential is a leading vertically integrated owner, developer, and operator of residential properties in Australia backed by global institutional capital. The company develops residential communities where wellbeing and connectedness come first. Its human-centric approach allows Apt.Residential to shape places for people who crave comfort, community, and elevated living. For more information, please visit aptresidential.au.
About Yardi
Celebrating its 40-year anniversary in 2024, Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With over 9,500 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energised for Tomorrow, visit yardi.com.au.
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Fintech PR
NewCo Capital Group Continues Global Expansion as 2024 Milestones Set The Stage for an Ambitious Q4
NEW YORK, Sept. 18, 2024 /PRNewswire/ — As Q4 fast approaches, NewCo Capital Group (“NewCo”) and Australia-based Bizcap are finalizing year-end initiatives to strategically position both companies for an ambitious expansion in 2025.
Both companies have celebrated a highly successful 2024, marked by remarkable and accelerated growth. This momentum has been driven by Bizcap’s unique Line of Credit product, NewCo’s introduction of their “Line of Capital” product and the launch of NewCo’s new mobile app. CEO Albert Gahfi emphasized the importance of closing 2024 on a high note to set the stage for future growth. “We’ve had an exceptional year so far, but our focus is on what comes next. We’re building the foundation for 2025 and beyond, ensuring that NewCo and Bizcap are positioned for continued global expansion.”
The plan for Q4 includes deepening their presence in existing markets while making calculated moves into new territories, including Singapore, Germany, and Luxembourg. “There are new opportunities in emerging markets that are currently underserved, where we believe we can make a significant impact. As a result, 2025 promises to be an exciting year for SMB financing globally.”
By reinforcing their operational and technological infrastructure, the companies are preparing to meet the demands of a rapidly evolving global financing landscape. “2024 has been a year of strong growth, but we’re not stopping here,” Gahfi said. “We are focused on delivering innovative financing solutions that not only meet the needs of today but also anticipate the demands of tomorrow. As we head into 2025, we’re ready to expand our reach and provide even more businesses with the capital they need.”
Part of a multinational collaboration, NewCo and Bizcap have successfully deployed over $1.5 billion to over 35,000 businesses worldwide. Gahfi commented, “We’re moving capital faster and more effectively than any other sector and our clients are benefiting from that growth.”
NewCo’s strength lies in its ability to adapt quickly, using a unique mix of proprietary technology, nuanced underwriting, and an experienced risk management team. The companies’ hybrid approach is challenging outdated financing models, making NewCo a preferred partner for SMBs looking for custom capital solutions that truly fit their needs.
“We’re not just growing; we’re leading,” Gahfi added. “As we expand globally, our goal remains the same—helping small businesses scale, create jobs, and thrive.”
With a clear strategy and a relentless focus on delivering value, NewCo Capital Group is primed to deepen its market influence and capitalize on emerging opportunities. As the company prepares for its next wave of market entries, Q4 will serve as a pivotal launchpad for an even more ambitious 2025, setting the stage for continued growth and global leadership.
For more information, visit www.NewCoCapitalGroup.com.
Contact:
NewCo Capital Group
Email: [email protected]
Website: www.NewCoCapitalGroup.com
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Fintech PR
Zulu Ecosystems and Severn Trent Water secure Innovate UK funding to pioneer catchment-scale Nature-based Solutions
- Partnership aims to develop innovative funding model for nature-based solutions that enhance water resilience in the Idle and Torne catchment, a priority area for environmental improvement
- Project will aggregate supply and demand for ecosystem services across the 1,200km2 catchment, benefiting both nature and local communities
- Led by Zulu Ecosystems, the collaboration seeks to accelerate private investment in nature recovery while addressing critical water challenges
LONDON, Sept. 18, 2024 /PRNewswire/ — Zulu Ecosystems and Severn Trent Water have been awarded funding from Innovate UK, the UK’s innovation agency, for a £580,000 project to develop a groundbreaking catchment system operator model for unlocking private investment in nature. The project aims to enhance water resilience and deliver multiple benefits for both nature and local communities in the Idle and Torne River catchment.
The Idle and Torne catchment, identified as a priority catchment by the Environment Agency, faces significant challenges including drought risk, flood vulnerability, and water quality issues. Approximately 60% of water bodies in the catchment currently fail to meet good ecological status. However, the area also presents substantial opportunities for nature recovery, with potential to restore over 5,000 hectares of priority habitats and significantly improve water resources management.
This innovative partnership will leverage Zulu Ecosystems’ cutting-edge natural capital assessment capabilities and Severn Trent Water’s expertise in water management to create a scalable approach for funding and delivering nature-based solutions. The project will focus on interventions such as woodland creation, wetland restoration, and riparian woodland to address the catchment’s pressing environmental challenges. The project will engage local stakeholders, including farmers, landowners, and community groups, to ensure that interventions reflect local needs and knowledge.
Ed Asseily, CEO of Zulu Ecosystems, said:
“This funding from Innovate UK is a game-changer for how we approach local nature recovery and water resilience. By developing a catchment-scale model that aggregates both the supply of and demand for ecosystem services, we can accelerate the flow of private capital into nature-based solutions.”
Severn Trent Water will play a key role as the project’s System Operator, strategically coordinating plans and aligning stakeholder priorities to maximise outcomes for water services and the environment.
Richard Smith, Strategic Asset Planning Manager at Severn Trent Water, commented:
“We’re excited to partner with Zulu Ecosystems on this transformative project. By adopting a system operator approach, we can ensure that investments in nature-based solutions deliver the greatest possible benefits for our customers, local communities, and the environment.”
This project has been funded by Innovate UK as part of the ‘Integrating Finance and Biodiversity for a Nature Positive Future’ programme, a joint initiative between the Natural Environment Research Council (NERC) and Innovate UK. This £7 million programme aims to develop solutions that embed the values of biodiversity into financial decision-making.
By bridging the gap between nature recovery and water resilience, this project has the potential to create a replicable model for sustainable landscape management across the UK. Innovate UK’s support underscores the national significance of developing new approaches to environmental management that can deliver multiple benefits, including improved water security, enhanced biodiversity, climate resilience, and potential new income streams for landowners.
Over the next 9 months, the project team will work closely with local stakeholders to identify priority interventions and develop a portfolio of investable nature-based solutions. The project aims to demonstrate how multi-stakeholder nature-based projects can be developed, funded, and delivered at catchment-scale to address climate adaptation and reverse biodiversity loss. Findings will be published to help scale similar initiatives across the UK and beyond.
For more information, please contact:
[email protected]
[email protected]
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