President William Samoei Ruto  made the remarks on Saturday during the Initiative’s launch in Dubai on the sidelines of the ongoing 2023 United Nations Climate Change Conference.

President of the United Arab Emirates Sheikh Mohamed bin Zayed al Nahyan, more than 10 Heads of State from Africa, COP28 President Sultan Al Jaber and the UN Climate Change High Level Champion for Egypt Mahmoud Mohieldin were present.

The leaders termed the move as the “definitive pathway” for their countries’ development.

“We are forging a green pathway for Africa. We have set in motion a virtuous cycle, fostering sustainable economic growth,“ said President of Senegal Macky Sall.

The Initiative underscores the importance of green industrialisation to harness Africa’s vast and quality resources to secure prosperity for all.

The leaders stressed that Africa’s green industrialisation is critical for the attainment of the globe’s climate ambition.

Dr Al Jaber lauded it as an opportunity to elevate the ambition of the COP28 Presidency’s Clean Energy programme launched in September during the Africa Climate Summit.

“The UAE not only wants to support countries’ green industrialisation, we want countries to have access to more economic opportunities.”

He noted that Africa’s biggest challenge is not in the scarcity of resources but in the scarcity of action.

The Africa Green Industrialisation Initiative builds upon the success of the UAE’s existing USD 4.5 billion Africa Green Investment Initiative.

It aims to finance 15GW of renewable energy in Africa by the end of the decade, which will unlock investments in Africa’s green industrialisation.