Germany pledges to invest €4 billion in green energy projects in Africa

The German government pledged Monday to invest four billion euros in African green energy projects until 2030, with Chancellor Olaf Scholz saying that African countries should benefit more from their wealth of raw materials.

Scholz discussed the pledge at a news conference on the G20 Compact with Africa summit in Berlin. He did not mention any specific projects but said the materials used in green energy should be processed in the African nations they come from.

“This creates jobs and prosperity in these countries,” Scholz said. “And the German industry gets reliable suppliers.”

Compact with Africa is based on an initiative launched by Germany during its chairmanship of the Group of 20 leading rich and developing nations. It aims to improve the participating countries’ economic conditions to make them more attractive for foreign private investment.

“Africa is our partner of choice when it comes to intensifying our economic relations and moving toward a climate-neutral future together,” he said.

The Compact with Africa includes Egypt, Ethiopia, Benin, Burkina Faso, Ivory Coast, Ghana, Guinea, the Democratic Republic of Congo, Morocco, Rwanda, Senegal, Togo and Tunisia.

Asked about China’s strong presence in Africa, several African leaders said the continent was open to other partnerships.

“Perhaps China was more audacious, perhaps they have more vision and perhaps they trusted the potential in Africa,” Moussa Faki, the chairperson of the African Union Commission, said.

“The African continent is open to different partnerships,” he added. “We wish for you to place your trust in us, to impose less conditions and create the conditions together. …

“Improving governance, that’s our responsibility, and therefore this shared vision could allow, I’m certain of it, for a large capital that could be invested in the continent,” Faki said.

Share

Leave a Reply

Your email address will not be published.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