Germany Pledges €4 Billion for African Green Energy Projects by 2030

An important announcement in Berlin on the sidelines of the "G20 Compact with Africa", a summit dedicated to promoting investment in Africa. German Chancellor Olaf Scholz said on Monday that his country will invest 4 billion euros in green energy projects in Africa until 2030. However, he did not mention any specific projects. He also assured that the materials used in green energy should be processed in the African countries from which they come. "This creates jobs and prosperity in these countries, and the German industry benefits from reliable suppliers," added the senior German official.

The strong surge of Chinese investments in the economies of the African continent has been part of the debates. "China may have been bolder, may have a greater vision and may have put its faith in the potential of Africa," said Moussa Faki, President of the African Union Commission, stating that the African continent is open to different partnerships. And he added: "Our wish is that you trust us, that we impose fewer conditions and that we create them together [...] Improving governance is our responsibility. [...]"

Launched by Germany during its presidency of the Group of 20 most wealthy and developed nations, "G20 Compact with Africa" aims to improve the economic conditions of the participating countries in order to make them more attractive for foreign private investment. The G20 Pact member countries are Morocco, Tunisia, Egypt, Senegal, Guinea, Côte d’Ivoire, Ghana, Togo, Benin, Burkina Faso, Rwanda, the Democratic Republic of Congo and Ethiopia, according to the German news agency DPA. "Africa is our partner of choice when it comes to intensifying our economic relations and moving forward together towards a climate-neutral future," Scholz said.